Income to Afford a $300,000 House

How much do you need to make to be able to afford a house that costs $300,000?
Purchase price
$
Down payment
$
Interest rate
%
Pct of income
for housing
%
Term of loan
Results
To afford a house that costs $300,000 with a down payment of $60,000, you'd need to earn $65,013 per year before tax.
The mortgage payment would be $1,517 / month.
Salary needed for 300,000 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 $300,000 house?
Annual income needed by down payment and interest rate
5.00% 5.50% 6.00% 6.50% 7.00% 7.50%
0% down $69,020 $73,001 $77,085 $81,266 $85,539 $89,899
5% down $65,569 $69,351 $73,231 $77,203 $81,262 $85,404
10% down $62,118 $65,701 $69,377 $73,139 $76,985 $80,909
15% down $58,667 $62,051 $65,522 $69,076 $72,708 $76,414
20% down $55,216 $58,401 $61,668 $65,013 $68,431 $71,919
25% down $51,765 $54,751 $57,814 $60,949 $64,154 $67,424
30% down $48,314 $51,101 $53,960 $56,886 $59,877 $62,929
35% down $44,863 $47,451 $50,105 $52,823 $55,600 $58,434
40% down $41,412 $43,801 $46,251 $48,760 $51,323 $53,939
45% down $37,961 $40,151 $42,397 $44,696 $47,046 $49,444
50% down $34,510 $36,501 $38,543 $40,633 $42,769 $44,950
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