Income to Afford a $470,000 House

How much do you need to make to be able to afford a house that costs $470,000?
Purchase Price
$
Down Payment
$
Interest Rate
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $470,000 with a down payment of $94,000, you'd need to earn $70,130 per year before tax.
The monthly mortgage payment would be $1,636.

Salary needed for 470,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $470,000. 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 $470,000 house?
Down Payment 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50%
$0 $79,589 $82,231 $84,923 $87,663 $90,450 $93,285 $96,165 $99,091 $102,061
$23,500 $75,609 $78,120 $80,677 $83,280 $85,928 $88,620 $91,357 $94,136 $96,958
$47,000 $71,630 $74,008 $76,431 $78,897 $81,405 $83,956 $86,549 $89,182 $91,855
$70,500 $67,650 $69,897 $72,185 $74,514 $76,883 $79,292 $81,740 $84,227 $86,752
$94,000 $63,671 $65,785 $67,938 $70,130 $72,360 $74,628 $76,932 $79,273 $81,649
$117,500 $59,691 $61,674 $63,692 $65,747 $67,838 $69,964 $72,124 $74,318 $76,546
$141,000 $55,712 $57,562 $59,446 $61,364 $63,315 $65,299 $67,316 $69,364 $71,443
$164,500 $51,733 $53,450 $55,200 $56,981 $58,793 $60,635 $62,507 $64,409 $66,340
$188,000 $47,753 $49,339 $50,954 $52,598 $54,270 $55,971 $57,699 $59,454 $61,237
$211,500 $43,774 $45,227 $46,708 $48,215 $49,748 $51,307 $52,891 $54,500 $56,133
$235,000 $39,794 $41,116 $42,462 $43,831 $45,225 $46,642 $48,083 $49,545 $51,030
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