Income to Afford a $320,000 House
How much do you need to make to be able to afford a house that costs $320,000?
Purchase price
$
Down payment
$
Interest rate
%
Pct of income
for housing
for housing
%
Term of loan
Results
To afford a house that costs $320,000 with a down payment of $64,000, you'd need to earn $69,347 per year before tax.
The mortgage payment would be $1,618 / month.
Salary needed for 320,000 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 $320,000 house?
Annual income needed by down payment and interest rate
5.00% | 5.50% | 6.00% | 6.50% | 7.00% | 7.50% | |
---|---|---|---|---|---|---|
0% down | $73,621 | $77,868 | $82,224 | $86,684 | $91,241 | $95,892 |
5% down | $69,940 | $73,975 | $78,113 | $82,349 | $86,679 | $91,098 |
10% down | $66,259 | $70,081 | $74,002 | $78,015 | $82,117 | $86,303 |
15% down | $62,578 | $66,188 | $69,890 | $73,681 | $77,555 | $81,508 |
20% down | $58,897 | $62,295 | $65,779 | $69,347 | $72,993 | $76,714 |
25% down | $55,216 | $58,401 | $61,668 | $65,013 | $68,431 | $71,919 |
30% down | $51,535 | $54,508 | $57,557 | $60,679 | $63,869 | $67,125 |
35% down | $47,854 | $50,614 | $53,446 | $56,344 | $59,307 | $62,330 |
40% down | $44,173 | $46,721 | $49,334 | $52,010 | $54,745 | $57,535 |
45% down | $40,492 | $42,828 | $45,223 | $47,676 | $50,183 | $52,741 |
50% down | $36,811 | $38,934 | $41,112 | $43,342 | $45,621 | $47,946 |
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 |