Income to Afford a $120,000 House

How much do you need to make to be able to afford a house that costs $120,000?
Purchase price
$
Down payment
$
Interest rate
%
Pct of income
for housing
%
Term of loan
Results
To afford a house that costs $120,000 with a down payment of $24,000, you'd need to earn $26,005 per year before tax.
The mortgage payment would be $607 / month.
Salary needed for 120,000 dollar mortgage.
Note: This calculator is for fixed-rate mortgages. Adjustable-rate mortgages, or ARMs, may allow you to acheive lower payments in the short term. However, with ARMs, your monthly payment may increase if interest rates rise.
Note: 28% is the standard percentage of pre-tax income to spend on housing.
What is the income needed to buy a $120,000 house?
Annual income needed by down payment and interest rate
5.00% 5.50% 6.00% 6.50% 7.00% 7.50%
0% down $27,608 $29,201 $30,834 $32,506 $34,216 $35,960
5% down $26,228 $27,741 $29,292 $30,881 $32,505 $34,162
10% down $24,847 $26,281 $27,751 $29,256 $30,794 $32,364
15% down $23,467 $24,820 $26,209 $27,630 $29,083 $30,566
20% down $22,086 $23,360 $24,667 $26,005 $27,372 $28,768
25% down $20,706 $21,900 $23,126 $24,380 $25,662 $26,970
30% down $19,326 $20,440 $21,584 $22,754 $23,951 $25,172
35% down $17,945 $18,980 $20,042 $21,129 $22,240 $23,374
40% down $16,565 $17,520 $18,500 $19,504 $20,529 $21,576
45% down $15,184 $16,060 $16,959 $17,878 $18,819 $19,778
50% down $13,804 $14,600 $15,417 $16,253 $17,108 $17,980
Average House Price by State
What's the median price for a home in all 50 states? Source: Zillow, June 2023
State Price
Hawaii $837,324
California $743,362
Massachusetts $587,875
Washington $577,353
Colorado $543,143
Utah $510,934
Oregon $498,558
New Jersey $484,467
New Hampshire $446,839
Montana $446,602
Idaho $442,820
New York $441,462
Rhode Island $432,888
Arizona $420,494
Nevada $416,340
Maryland $405,562
Florida $390,856
State Price
Maine $383,137
Vermont $380,266
Connecticut $374,599
Virginia $371,623
Delaware $370,405
Alaska $351,218
Wyoming $338,216
Minnesota $331,190
North Carolina $320,096
Georgia $318,919
Tennessee $311,628
Texas $303,971
South Dakota $296,109
New Mexico $292,822
South Carolina $288,816
Wisconsin $285,037
Pennsylvania $255,965
State Price
Nebraska $254,916
North Dakota $251,062
Illinois $250,542
Missouri $238,055
Michigan $235,361
Indiana $231,660
Alabama $223,246
Ohio $218,667
Kansas $215,642
Iowa $211,054
Kentucky $200,955
Louisiana $200,370
Arkansas $199,636
Oklahoma $198,936
Mississippi $172,654
West Virginia $155,773