Income to Afford a $980,000 House

How much do you need to make to be able to afford a house that costs $980,000?
Purchase Price
$
Down Payment
$
Interest Rate
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $980,000 with a down payment of $196,000, you'd need to earn $146,229 per year before tax.
The monthly mortgage payment would be $3,412.

Salary needed for 980,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $980,000. 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 $980,000 house?
Down Payment 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50%
$0 $165,951 $171,461 $177,074 $182,787 $188,599 $194,509 $200,514 $206,615 $212,808
$49,000 $157,653 $162,888 $168,220 $173,647 $179,169 $184,783 $190,489 $196,284 $202,167
$98,000 $149,356 $154,315 $159,366 $164,508 $169,739 $175,058 $180,463 $185,953 $191,527
$147,000 $141,058 $145,742 $150,513 $155,369 $160,309 $165,332 $170,437 $175,623 $180,887
$196,000 $132,761 $137,169 $141,659 $146,229 $150,879 $155,607 $160,412 $165,292 $170,246
$245,000 $124,463 $128,596 $132,805 $137,090 $141,449 $145,881 $150,386 $154,961 $159,606
$294,000 $116,166 $120,023 $123,952 $127,951 $132,019 $136,156 $140,360 $144,630 $148,965
$343,000 $107,868 $111,450 $115,098 $118,811 $122,589 $126,431 $130,334 $134,300 $138,325
$392,000 $99,570 $102,877 $106,244 $109,672 $113,159 $116,705 $120,309 $123,969 $127,685
$441,000 $91,273 $94,304 $97,391 $100,533 $103,729 $106,980 $110,283 $113,638 $117,044
$490,000 $82,975 $85,731 $88,537 $91,393 $94,299 $97,254 $100,257 $103,307 $106,404
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