Income to Afford a $550,000 House

How much do you need to make to be able to afford a house that costs $550,000?
Purchase Price
$
Down Payment
$
Interest Rate
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $550,000 with a down payment of $110,000, you'd need to earn $82,067 per year before tax.
The monthly mortgage payment would be $1,915.

Salary needed for 550,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $550,000. 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 $550,000 house?
Down Payment 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50%
$0 $93,136 $96,228 $99,378 $102,584 $105,846 $109,163 $112,534 $115,957 $119,433
$27,500 $88,479 $91,417 $94,409 $97,455 $100,554 $103,705 $106,907 $110,159 $113,461
$55,000 $83,822 $86,605 $89,440 $92,326 $95,262 $98,247 $101,280 $104,362 $107,490
$82,500 $79,165 $81,794 $84,471 $87,197 $89,969 $92,789 $95,654 $98,564 $101,518
$110,000 $74,509 $76,983 $79,502 $82,067 $84,677 $87,330 $90,027 $92,766 $95,546
$137,500 $69,852 $72,171 $74,534 $76,938 $79,385 $81,872 $84,400 $86,968 $89,575
$165,000 $65,195 $67,360 $69,565 $71,809 $74,092 $76,414 $78,774 $81,170 $83,603
$192,500 $60,538 $62,548 $64,596 $66,680 $68,800 $70,956 $73,147 $75,372 $77,631
$220,000 $55,881 $57,737 $59,627 $61,551 $63,508 $65,498 $67,520 $69,574 $71,660
$247,500 $51,225 $52,926 $54,658 $56,421 $58,215 $60,040 $61,893 $63,776 $65,688
$275,000 $46,568 $48,114 $49,689 $51,292 $52,923 $54,581 $56,267 $57,979 $59,716
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