Income to Afford a $115,000 House

How much do you need to make to be able to afford a house that costs $115,000?
Purchase Price
$
Down Payment
$
Interest Rate
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $115,000 with a down payment of $23,000, you'd need to earn $17,160 per year before tax.
The monthly mortgage payment would be $400.

Salary needed for 115,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $115,000. 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 $115,000 house?
Down Payment 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50%
$0 $19,474 $20,120 $20,779 $21,449 $22,131 $22,825 $23,530 $24,246 $24,972
$5,750 $18,500 $19,114 $19,740 $20,377 $21,025 $21,684 $22,353 $23,033 $23,724
$11,500 $17,526 $18,108 $18,701 $19,305 $19,918 $20,542 $21,177 $21,821 $22,475
$17,250 $16,553 $17,102 $17,662 $18,232 $18,812 $19,401 $20,000 $20,609 $21,226
$23,000 $15,579 $16,096 $16,623 $17,160 $17,705 $18,260 $18,824 $19,396 $19,978
$28,750 $14,605 $15,090 $15,584 $16,087 $16,599 $17,119 $17,647 $18,184 $18,729
$34,500 $13,632 $14,084 $14,545 $15,015 $15,492 $15,977 $16,471 $16,972 $17,481
$40,250 $12,658 $13,078 $13,506 $13,942 $14,385 $14,836 $15,294 $15,760 $16,232
$46,000 $11,684 $12,072 $12,467 $12,870 $13,279 $13,695 $14,118 $14,547 $14,983
$51,750 $10,711 $11,066 $11,428 $11,797 $12,172 $12,554 $12,941 $13,335 $13,735
$57,500 $9,737 $10,060 $10,390 $10,725 $11,066 $11,412 $11,765 $12,123 $12,486
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