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
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
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