Income to Afford a $480,000 House

How much do you need to make to be able to afford a house that costs $480,000?
Purchase Price
$
Down Payment
$
Interest Rate
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $480,000 with a down payment of $96,000, you'd need to earn $71,623 per year before tax.
The monthly mortgage payment would be $1,671.

Salary needed for 480,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $480,000. 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 $480,000 house?
Down Payment 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50%
$0 $81,282 $83,981 $86,730 $89,528 $92,375 $95,269 $98,211 $101,199 $104,232
$24,000 $77,218 $79,782 $82,393 $85,052 $87,756 $90,506 $93,301 $96,139 $99,021
$48,000 $73,154 $75,583 $78,057 $80,575 $83,137 $85,743 $88,390 $91,079 $93,809
$72,000 $69,090 $71,384 $73,720 $76,099 $78,519 $80,979 $83,479 $86,019 $88,598
$96,000 $65,026 $67,185 $69,384 $71,623 $73,900 $76,216 $78,569 $80,959 $83,386
$120,000 $60,962 $62,986 $65,047 $67,146 $69,281 $71,452 $73,658 $75,899 $78,174
$144,000 $56,897 $58,787 $60,711 $62,670 $64,662 $66,689 $68,748 $70,839 $72,963
$168,000 $52,833 $54,588 $56,374 $58,193 $60,044 $61,925 $63,837 $65,779 $67,751
$192,000 $48,769 $50,389 $52,038 $53,717 $55,425 $57,162 $58,927 $60,719 $62,539
$216,000 $44,705 $46,190 $47,701 $49,240 $50,806 $52,398 $54,016 $55,659 $57,328
$240,000 $40,641 $41,991 $43,365 $44,764 $46,187 $47,635 $49,106 $50,600 $52,116
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