Income to Afford a $160,000 House

How much do you need to make to be able to afford a house that costs $160,000?
Purchase Price
$
Down Payment
$
Interest Rate
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $160,000 with a down payment of $32,000, you'd need to earn $23,874 per year before tax.
The monthly mortgage payment would be $557.

Salary needed for 160,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $160,000. 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 $160,000 house?
Down Payment 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50%
$0 $27,094 $27,994 $28,910 $29,843 $30,792 $31,756 $32,737 $33,733 $34,744
$8,000 $25,739 $26,594 $27,464 $28,351 $29,252 $30,169 $31,100 $32,046 $33,007
$16,000 $24,385 $25,194 $26,019 $26,858 $27,712 $28,581 $29,463 $30,360 $31,270
$24,000 $23,030 $23,795 $24,573 $25,366 $26,173 $26,993 $27,826 $28,673 $29,533
$32,000 $21,675 $22,395 $23,128 $23,874 $24,633 $25,405 $26,190 $26,986 $27,795
$40,000 $20,321 $20,995 $21,682 $22,382 $23,094 $23,817 $24,553 $25,300 $26,058
$48,000 $18,966 $19,596 $20,237 $20,890 $21,554 $22,230 $22,916 $23,613 $24,321
$56,000 $17,611 $18,196 $18,791 $19,398 $20,015 $20,642 $21,279 $21,926 $22,584
$64,000 $16,256 $16,796 $17,346 $17,906 $18,475 $19,054 $19,642 $20,240 $20,846
$72,000 $14,902 $15,397 $15,900 $16,413 $16,935 $17,466 $18,005 $18,553 $19,109
$80,000 $13,547 $13,997 $14,455 $14,921 $15,396 $15,878 $16,369 $16,867 $17,372
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