Income to Afford a $245,000 House
How much do you need to make to be able to afford a house that costs $245,000?
Purchase price
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Down payment
$
Interest rate
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Pct of income
for housing
for housing
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Term of loan
Results
To afford a house that costs $245,000 with a down payment of $49,000, you'd need to earn $53,094 per year before tax.
The mortgage payment would be $1,239 / month.
Salary needed for 245,000 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 $245,000 house?
Annual income needed by down payment and interest rate
5.00% | 5.50% | 6.00% | 6.50% | 7.00% | 7.50% | |
---|---|---|---|---|---|---|
0% down | $56,366 | $59,618 | $62,953 | $66,367 | $69,857 | $73,418 |
5% down | $53,548 | $56,637 | $59,805 | $63,049 | $66,364 | $69,747 |
10% down | $50,730 | $53,656 | $56,658 | $59,730 | $62,871 | $66,076 |
15% down | $47,911 | $50,675 | $53,510 | $56,412 | $59,378 | $62,405 |
20% down | $45,093 | $47,694 | $50,362 | $53,094 | $55,885 | $58,734 |
25% down | $42,275 | $44,713 | $47,215 | $49,775 | $52,393 | $55,063 |
30% down | $39,456 | $41,732 | $44,067 | $46,457 | $48,900 | $51,392 |
35% down | $36,638 | $38,752 | $40,919 | $43,139 | $45,407 | $47,721 |
40% down | $33,820 | $35,771 | $37,772 | $39,820 | $41,914 | $44,051 |
45% down | $31,001 | $32,790 | $34,624 | $36,502 | $38,421 | $40,380 |
50% down | $28,183 | $29,809 | $31,476 | $33,184 | $34,928 | $36,709 |
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 |