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
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 |