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
%
Pct of income
for housing
for housing
%
Term of loan
Results
To afford a house that costs $160,000 with a down payment of $32,000, you'd need to earn $34,673 per year before tax.
The mortgage payment would be $809 / month.
Salary needed for 160,000 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 $160,000 house?
Annual income needed by down payment and interest rate
5.00% | 5.50% | 6.00% | 6.50% | 7.00% | 7.50% | |
---|---|---|---|---|---|---|
0% down | $36,811 | $38,934 | $41,112 | $43,342 | $45,621 | $47,946 |
5% down | $34,970 | $36,987 | $39,056 | $41,175 | $43,340 | $45,549 |
10% down | $33,130 | $35,041 | $37,001 | $39,008 | $41,059 | $43,152 |
15% down | $31,289 | $33,094 | $34,945 | $36,841 | $38,778 | $40,754 |
20% down | $29,449 | $31,147 | $32,890 | $34,673 | $36,497 | $38,357 |
25% down | $27,608 | $29,201 | $30,834 | $32,506 | $34,216 | $35,960 |
30% down | $25,767 | $27,254 | $28,778 | $30,339 | $31,935 | $33,562 |
35% down | $23,927 | $25,307 | $26,723 | $28,172 | $29,653 | $31,165 |
40% down | $22,086 | $23,360 | $24,667 | $26,005 | $27,372 | $28,768 |
45% down | $20,246 | $21,414 | $22,612 | $23,838 | $25,091 | $26,370 |
50% down | $18,405 | $19,467 | $20,556 | $21,671 | $22,810 | $23,973 |
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 |