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
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $300,000 with a down payment of $60,000, you'd need to earn $44,764 per year before tax.
The monthly mortgage payment would be $1,044.

Salary needed for 300,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $300,000. 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 $300,000 house?
Down Payment 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50%
$0 $50,801 $52,488 $54,206 $55,955 $57,734 $59,543 $61,382 $63,249 $65,145
$15,000 $48,261 $49,864 $51,496 $53,157 $54,848 $56,566 $58,313 $60,087 $61,888
$30,000 $45,721 $47,239 $48,786 $50,360 $51,961 $53,589 $55,244 $56,924 $58,631
$45,000 $43,181 $44,615 $46,075 $47,562 $49,074 $50,612 $52,175 $53,762 $55,373
$60,000 $40,641 $41,991 $43,365 $44,764 $46,187 $47,635 $49,106 $50,600 $52,116
$75,000 $38,101 $39,366 $40,655 $41,966 $43,301 $44,658 $46,036 $47,437 $48,859
$90,000 $35,561 $36,742 $37,944 $39,169 $40,414 $41,680 $42,967 $44,275 $45,602
$105,000 $33,021 $34,117 $35,234 $36,371 $37,527 $38,703 $39,898 $41,112 $42,344
$120,000 $30,481 $31,493 $32,524 $33,573 $34,641 $35,726 $36,829 $37,950 $39,087
$135,000 $27,941 $28,868 $29,813 $30,775 $31,754 $32,749 $33,760 $34,787 $35,830
$150,000 $25,401 $26,244 $27,103 $27,978 $28,867 $29,772 $30,691 $31,625 $32,573
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