Income to Afford a $490,000 House
How much do you need to make to be able to afford a house that costs $490,000?
Purchase price
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Down payment
$
Interest rate
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Pct of income
for housing
for housing
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Term of loan
Results
To afford a house that costs $490,000 with a down payment of $98,000, you'd need to earn $106,187 per year before tax.
The mortgage payment would be $2,478 / month.
Salary needed for 490,000 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 $490,000 house?
Annual income needed by down payment and interest rate
| 5.00% | 5.50% | 6.00% | 6.50% | 7.00% | 7.50% | |
|---|---|---|---|---|---|---|
| 0% down | $112,733 | $119,236 | $125,906 | $132,734 | $139,714 | $146,835 |
| 5% down | $107,096 | $113,274 | $119,610 | $126,098 | $132,728 | $139,493 |
| 10% down | $101,459 | $107,312 | $113,315 | $119,461 | $125,742 | $132,152 |
| 15% down | $95,823 | $101,350 | $107,020 | $112,824 | $118,756 | $124,810 |
| 20% down | $90,186 | $95,389 | $100,724 | $106,187 | $111,771 | $117,468 |
| 25% down | $84,549 | $89,427 | $94,429 | $99,551 | $104,785 | $110,126 |
| 30% down | $78,913 | $83,465 | $88,134 | $92,914 | $97,799 | $102,785 |
| 35% down | $73,276 | $77,503 | $81,839 | $86,277 | $90,814 | $95,443 |
| 40% down | $67,640 | $71,541 | $75,543 | $79,641 | $83,828 | $88,101 |
| 45% down | $62,003 | $65,580 | $69,248 | $73,004 | $76,842 | $80,759 |
| 50% down | $56,366 | $59,618 | $62,953 | $66,367 | $69,857 | $73,418 |
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 |