Income to Afford a $880,000 House

How much do you need to make to be able to afford a house that costs $880,000?
Purchase Price
$
Down Payment
$
Interest Rate
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $880,000 with a down payment of $176,000, you'd need to earn $131,308 per year before tax.
The monthly mortgage payment would be $3,064.

Salary needed for 880,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $880,000. 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 $880,000 house?
Down Payment 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50%
$0 $149,017 $153,965 $159,005 $164,135 $169,354 $174,661 $180,054 $185,532 $191,093
$44,000 $141,566 $146,267 $151,055 $155,928 $160,886 $165,928 $171,051 $176,255 $181,538
$88,000 $134,115 $138,569 $143,104 $147,721 $152,419 $157,195 $162,048 $166,978 $171,983
$132,000 $126,664 $130,870 $135,154 $139,515 $143,951 $148,462 $153,046 $157,702 $162,429
$176,000 $119,214 $123,172 $127,204 $131,308 $135,483 $139,729 $144,043 $148,425 $152,874
$220,000 $111,763 $115,474 $119,254 $123,101 $127,015 $130,996 $135,040 $139,149 $143,320
$264,000 $104,312 $107,776 $111,303 $114,894 $118,548 $122,263 $126,038 $129,872 $133,765
$308,000 $96,861 $100,077 $103,353 $106,688 $110,080 $113,529 $117,035 $120,596 $124,210
$352,000 $89,410 $92,379 $95,403 $98,481 $101,612 $104,796 $108,032 $111,319 $114,656
$396,000 $81,959 $84,681 $87,453 $90,274 $93,145 $96,063 $99,030 $102,042 $105,101
$440,000 $74,509 $76,983 $79,502 $82,067 $84,677 $87,330 $90,027 $92,766 $95,546
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