# Income to Afford a \$255,000 House

How much do you need to make to be able to afford a house that costs \$255,000?
 Purchase Price \$ Down Payment \$ Interest Rate % Term of Loan 5 years 10 years 15 years 20 years 25 years 30 years 40 years Interest only Pct. of Income(for Housing) %
To afford a house that costs \$255,000 with a down payment of \$51,000, you'd need to earn \$38,049 per year before tax.
The monthly mortgage payment would be \$888.

Salary needed for 255,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs \$255,000. 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 \$255,000 house?
Down Payment 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50%
\$0 \$43,181 \$44,615 \$46,075 \$47,562 \$49,074 \$50,612 \$52,175 \$53,762 \$55,373
\$12,750 \$41,022 \$42,384 \$43,772 \$45,184 \$46,620 \$48,081 \$49,566 \$51,074 \$52,605
\$25,500 \$38,863 \$40,153 \$41,468 \$42,806 \$44,167 \$45,551 \$46,957 \$48,386 \$49,836
\$38,250 \$36,704 \$37,923 \$39,164 \$40,428 \$41,713 \$43,020 \$44,348 \$45,698 \$47,067
\$51,000 \$34,545 \$35,692 \$36,860 \$38,049 \$39,259 \$40,490 \$41,740 \$43,010 \$44,299
\$63,750 \$32,386 \$33,461 \$34,556 \$35,671 \$36,806 \$37,959 \$39,131 \$40,322 \$41,530
\$76,500 \$30,227 \$31,230 \$32,253 \$33,293 \$34,352 \$35,428 \$36,522 \$37,633 \$38,761
\$89,250 \$28,068 \$29,000 \$29,949 \$30,915 \$31,898 \$32,898 \$33,914 \$34,945 \$35,993
\$102,000 \$25,909 \$26,769 \$27,645 \$28,537 \$29,445 \$30,367 \$31,305 \$32,257 \$33,224
\$114,750 \$23,750 \$24,538 \$25,341 \$26,159 \$26,991 \$27,837 \$28,696 \$29,569 \$30,455
\$127,500 \$21,591 \$22,307 \$23,038 \$23,781 \$24,537 \$25,306 \$26,087 \$26,881 \$27,687
Average Home Price by State
Source: Zillow.com, December 2020
State Price
Hawaii\$673,344
California\$617,633
Massachusetts\$470,610
Washington\$463,856
Oregon\$397,363
Utah\$395,205
New Jersey\$372,870
New York\$346,973
Idaho\$339,238
Maryland\$338,169
Rhode Island\$337,100
New Hampshire\$326,908
Montana\$320,351
Arizona\$309,122
Virginia\$305,509
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