Income to Afford a $700,000 House
How much do you need to make to be able to afford a house that costs $700,000?
Purchase price
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Down payment
$
Interest rate
%
Pct of income
for housing
for housing
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Term of loan
Results
To afford a house that costs $700,000 with a down payment of $140,000, you'd need to earn $151,696 per year before tax.
The mortgage payment would be $3,540 / month.
Salary needed for 700,000 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 $700,000 house?
Annual income needed by down payment and interest rate
| 5.00% | 5.50% | 6.00% | 6.50% | 7.00% | 7.50% | |
|---|---|---|---|---|---|---|
| 0% down | $161,046 | $170,337 | $179,865 | $189,620 | $199,591 | $209,764 |
| 5% down | $152,994 | $161,820 | $170,872 | $180,139 | $189,611 | $199,276 |
| 10% down | $144,942 | $153,303 | $161,879 | $170,658 | $179,632 | $188,788 |
| 15% down | $136,890 | $144,786 | $152,885 | $161,177 | $169,652 | $178,300 |
| 20% down | $128,837 | $136,269 | $143,892 | $151,696 | $159,673 | $167,811 |
| 25% down | $120,785 | $127,753 | $134,899 | $142,215 | $149,693 | $157,323 |
| 30% down | $112,733 | $119,236 | $125,906 | $132,734 | $139,714 | $146,835 |
| 35% down | $104,680 | $110,719 | $116,912 | $123,253 | $129,734 | $136,347 |
| 40% down | $96,628 | $102,202 | $107,919 | $113,772 | $119,754 | $125,859 |
| 45% down | $88,576 | $93,685 | $98,926 | $104,291 | $109,775 | $115,370 |
| 50% down | $80,523 | $85,168 | $89,933 | $94,810 | $99,795 | $104,882 |
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 |