Income to Afford a $580,000 House
How much do you need to make to be able to afford a house that costs $580,000?
Purchase price
$
Down payment
$
Interest rate
%
Pct of income
for housing
for housing
%
Term of loan
Results
To afford a house that costs $580,000 with a down payment of $116,000, you'd need to earn $125,691 per year before tax.
The mortgage payment would be $2,933 / month.
Salary needed for 580,000 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 $580,000 house?
Annual income needed by down payment and interest rate
5.00% | 5.50% | 6.00% | 6.50% | 7.00% | 7.50% | |
---|---|---|---|---|---|---|
0% down | $133,439 | $141,136 | $149,031 | $157,114 | $165,375 | $173,805 |
5% down | $126,767 | $134,079 | $141,580 | $149,258 | $157,106 | $165,115 |
10% down | $120,095 | $127,023 | $134,128 | $141,403 | $148,838 | $156,424 |
15% down | $113,423 | $119,966 | $126,676 | $133,547 | $140,569 | $147,734 |
20% down | $106,751 | $112,909 | $119,225 | $125,691 | $132,300 | $139,044 |
25% down | $100,079 | $105,852 | $111,773 | $117,836 | $124,031 | $130,354 |
30% down | $93,407 | $98,795 | $104,322 | $109,980 | $115,763 | $121,663 |
35% down | $86,735 | $91,738 | $96,870 | $102,124 | $107,494 | $112,973 |
40% down | $80,063 | $84,682 | $89,419 | $94,268 | $99,225 | $104,283 |
45% down | $73,391 | $77,625 | $81,967 | $86,413 | $90,956 | $95,593 |
50% down | $66,719 | $70,568 | $74,516 | $78,557 | $82,688 | $86,902 |
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 |