Income to Afford a $1,000,000 House

How much do you need to make to be able to afford a house that costs $1,000,000?
Purchase Price
$
Down Payment
$
Interest Rate
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $1,000,000 with a down payment of $200,000, you'd need to earn $149,214 per year before tax.
The monthly mortgage payment would be $3,482.

Salary needed for 1,000,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $1,000,000. It assumes a fixed-rate mortgage.

A good rule of thumb is to spend no more than 28% of your pre-tax income on your mortgage payment.

What is the income needed to buy a $1,000,000 house?
Down Payment 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50%
$0 $169,338 $174,961 $180,687 $186,517 $192,448 $198,478 $204,607 $210,831 $217,151
$50,000 $160,871 $166,212 $171,653 $177,191 $182,825 $188,554 $194,376 $200,290 $206,293
$100,000 $152,404 $157,464 $162,619 $167,865 $173,203 $178,630 $184,146 $189,748 $195,436
$150,000 $143,937 $148,716 $153,584 $158,539 $163,581 $168,706 $173,916 $179,207 $184,578
$200,000 $135,470 $139,968 $144,550 $149,214 $153,958 $158,782 $163,685 $168,665 $173,721
$250,000 $127,003 $131,220 $135,516 $139,888 $144,336 $148,859 $153,455 $158,124 $162,863
$300,000 $118,536 $122,472 $126,481 $130,562 $134,713 $138,935 $143,225 $147,582 $152,006
$350,000 $110,069 $113,724 $117,447 $121,236 $125,091 $129,011 $132,994 $137,040 $141,148
$400,000 $101,603 $104,976 $108,412 $111,910 $115,469 $119,087 $122,764 $126,499 $130,291
$450,000 $93,136 $96,228 $99,378 $102,584 $105,846 $109,163 $112,534 $115,957 $119,433
$500,000 $84,669 $87,480 $90,344 $93,258 $96,224 $99,239 $102,303 $105,416 $108,575
Average Home Price by State
Source: Zillow.com, December 2020
State Price
Hawaii$673,344
California$617,633
Massachusetts$470,610
Washington$463,856
Colorado$436,751
Oregon$397,363
Utah$395,205
New Jersey$372,870
New York$346,973
Idaho$339,238
Maryland$338,169
Rhode Island$337,100
Nevada$329,465
New Hampshire$326,908
Montana$320,351
Arizona$309,122
Virginia$305,509
Alaska$300,283
Connecticut$285,853
Delaware$281,923
Minnesota$279,516
Vermont$275,472
Maine$272,886
Florida$267,296
Wyoming$261,262
North Dakota$238,112
New Mexico$226,941
South Dakota$224,126
North Carolina$222,909
Texas$222,237
Georgia$221,471
Illinois$218,622
Pennsylvania$213,499
Wisconsin$211,598
Tennessee$205,068
South Carolina$204,967
Nebraska$190,827
Michigan$190,052
Missouri$178,656
Louisiana$178,041
Indiana$171,240
Ohio$166,358
Kansas$166,254
Kentucky$158,685
Iowa$158,239
Alabama$157,366
Arkansas$141,095
Oklahoma$140,511
Mississippi$133,213
West Virginia$113,124