Income to Afford a $240,000 House

How much do you need to make to be able to afford a house that costs $240,000?
Purchase Price
$
Down Payment
$
Interest Rate
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $240,000 with a down payment of $48,000, you'd need to earn $35,811 per year before tax.
The monthly mortgage payment would be $836.

Salary needed for 240,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $240,000. 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 $240,000 house?
Down Payment 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50%
$0 $40,641 $41,991 $43,365 $44,764 $46,187 $47,635 $49,106 $50,600 $52,116
$12,000 $38,609 $39,891 $41,197 $42,526 $43,878 $45,253 $46,650 $48,070 $49,510
$24,000 $36,577 $37,791 $39,028 $40,288 $41,569 $42,871 $44,195 $45,540 $46,905
$36,000 $34,545 $35,692 $36,860 $38,049 $39,259 $40,490 $41,740 $43,010 $44,299
$48,000 $32,513 $33,592 $34,692 $35,811 $36,950 $38,108 $39,284 $40,480 $41,693
$60,000 $30,481 $31,493 $32,524 $33,573 $34,641 $35,726 $36,829 $37,950 $39,087
$72,000 $28,449 $29,393 $30,355 $31,335 $32,331 $33,344 $34,374 $35,420 $36,481
$84,000 $26,417 $27,294 $28,187 $29,097 $30,022 $30,963 $31,919 $32,890 $33,876
$96,000 $24,385 $25,194 $26,019 $26,858 $27,712 $28,581 $29,463 $30,360 $31,270
$108,000 $22,353 $23,095 $23,851 $24,620 $25,403 $26,199 $27,008 $27,830 $28,664
$120,000 $20,321 $20,995 $21,682 $22,382 $23,094 $23,817 $24,553 $25,300 $26,058
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