Income to Afford a $5,000 House

How much do you need to make to be able to afford a house that costs $5,000?
Purchase Price
$
Down Payment
$
Interest Rate
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $5,000 with a down payment of $1,000, you'd need to earn $746 per year before tax.
The monthly mortgage payment would be $17.

Salary needed for 5,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $5,000. 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 $5,000 house?
Down Payment 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50%
$0 $847 $875 $903 $933 $962 $992 $1,023 $1,054 $1,086
$250 $804 $831 $858 $886 $914 $943 $972 $1,001 $1,031
$500 $762 $787 $813 $839 $866 $893 $921 $949 $977
$750 $720 $744 $768 $793 $818 $844 $870 $896 $923
$1,000 $677 $700 $723 $746 $770 $794 $818 $843 $869
$1,250 $635 $656 $678 $699 $722 $744 $767 $791 $814
$1,500 $593 $612 $632 $653 $674 $695 $716 $738 $760
$1,750 $550 $569 $587 $606 $625 $645 $665 $685 $706
$2,000 $508 $525 $542 $560 $577 $595 $614 $632 $651
$2,250 $466 $481 $497 $513 $529 $546 $563 $580 $597
$2,500 $423 $437 $452 $466 $481 $496 $512 $527 $543
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