The purchase of a new home can often be as stressful as it is satisfying, thanks in part to the economic uncertainty of the day, as well as the instability of the American housing market. Furthermore, it may be difficult for some to predict just how much to save, and how much must be earned annually, in order to afford their dream home.
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To aid potential homeowners in their quest, GOBankingRates recently compiled the data regarding real estate ownership across America to determine just how much income is needed to purchase a $500,000 house in every state. A number of variables were included, such as a 20% down payment versus 10% down payment, as well as how much a monthly mortgage would cost with each.
Curious how much you need to make in order to buy a $500,000 house in your home state, or perhaps your dream retirement state? Keep reading to find out.
DenisTangneyJr / iStock.com
20% down payment:
Income needed: $111,912
Monthly mortgage: $2,798
10% down payment:
Income needed: $125,151
Monthly mortgage: $3,129
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sorincolac / Getty Images/iStockphoto
20% down payment:
Income needed: $123,745
Monthly mortgage: $3,094
10% down payment:
Income needed: $136,984
Monthly mortgage: $3,425
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DenisTangneyJr / Getty Images/iStockphoto
20% down payment:
Income needed: $113,412
Monthly mortgage: $2,835
10% down payment:
Income needed: $126,651
Monthly mortgage: $4,166
shuttersv / Shutterstock.com
20% down payment:
Income needed: $114,745
Monthly mortgage: $2,869
10% down payment:
Income needed: $127,984
Monthly mortgage: $3,200
Kirk Wester / Getty Images/iStockphoto
20% down payment:
Income needed: $117,245
Monthly mortgage: $2,931
10% down payment:
Income needed: $130,484
Monthly mortgage: $3,262
Muhammad Zulkifal / Getty Images/iStockphoto
20% down payment:
Income needed: $113,412
Monthly mortgage: $2,835
10% down payment:
Income needed: $126,651
Monthly mortgage: $3,166
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benedek / Getty Images
20% down payment:
Income needed: $135,578
Monthly mortgage: $3,389
10% down payment:
Income needed: $148,817
Monthly mortgage: $3,720
BrianEKushner / Getty Images/iStockphoto
20% down payment:
Income needed: $113,912
Monthly mortgage: $2,848
10% down payment:
Income needed: $127,151
Monthly mortgage: $3,179
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20% down payment:
Income needed: $117,745
Monthly mortgage: $2,944
10% down payment:
Income needed: $130,984
Monthly mortgage: $3,275
Sean Pavone / iStock.com
20% down payment:
Income needed: $117,912
Monthly mortgage: $2,948
10% down payment:
Income needed: $131,151
Monthly mortgage: $2,948
Story Continues
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Art Wager / Getty Images
20% down payment:
Income needed: $110,245
Monthly mortgage: $2,756
10% down payment:
Income needed: $123,484
Monthly mortgage: $3,087
Jennifer_Sharp / Getty Images/iStockphoto
20% down payment:
Income needed: $113,745
Monthly mortgage: $2,844
10% down payment:
Income needed: $126,984
Monthly mortgage: $3,175
Mlenny / Getty Images
20% down payment:
Income needed: $138,412
Monthly mortgage: $2,944
10% down payment:
Income needed: $151,651
Monthly mortgage: $3,791
DenisTangneyJr / Getty Images/iStockphoto
20% down payment:
Income needed: $117,745
Monthly mortgage: $2,944
10% down payment:
Income needed: $130,984
Monthly mortgage: $3,275
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Joel Carillet / Getty Images
20% down payment:
Income needed: $129,245
Monthly mortgage: $3,231
10% down payment:
Income needed: $142,484
Monthly mortgage: $3,562
TriggerPhoto / iStock.com
20% down payment:
Income needed: $126,912
Monthly mortgage: $3,173
10% down payment:
Income needed: $140,151
Monthly mortgage: $3,504
Real Window Creative / Shutterstock.com
20% down payment:
Income needed: $118,245
Monthly mortgage: $2,956
10% down payment:
Income needed: $131,484
Monthly mortgage: $3,287
Susanne Neumann / Getty Images/iStockphoto
20% down payment:
Income needed: $114,412
Monthly mortgage: $2,860
10% down payment:
Income needed: $127,651
Monthly mortgage: $3,191
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DenisTangneyJr / Getty Images/iStockphoto
20% down payment:
Income needed: $121,912
Monthly mortgage: $3,048
10% down payment:
Income needed: $135,151
Monthly mortgage: $3,379
Tim Pruss / Getty Images
20% down payment:
Income needed: $121,745
Monthly mortgage: $3,044
10% down payment:
Income needed: $134,984
Monthly mortgage: $3,375
DenisTangneyJr / Getty Images/iStockphoto
20% down payment:
Income needed: $123,245
Monthly mortgage: $3,081
10% down payment:
Income needed: $136,484
Monthly mortgage: $3,412
pawel.gaul / Getty Images
20% down payment:
Income needed: $126,578
Monthly mortgage: $3,164
10% down payment:
Income needed: $139,817
Monthly mortgage: $3,495
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LIKE HE / Getty Images/iStockphoto
20% down payment:
Income needed: $122,245
Monthly mortgage: $3,056
10% down payment:
Income needed: $135,484
Monthly mortgage: $3,387
DenisTangneyJr / iStock.com
20% down payment:
Income needed: $117,578
Monthly mortgage: $2,939
10% down payment:
Income needed: $130,817
Monthly mortgage: $3,270
Art Wager / iStock.com
20% down payment:
Income needed: $119,578
Monthly mortgage: $2,989
10% down payment:
Income needed: $132,817
Monthly mortgage: $3,320
DianeBentleyRaymond / Getty Images
20% down payment:
Income needed: $117,412
Monthly mortgage: $2,935
10% down payment:
Income needed: $130,651
Monthly mortgage: $3,266
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Shots by Natalie / Shutterstock.com
20% down payment:
Income needed: $129,912
Monthly mortgage: $3,248
10% down payment:
Income needed: $143,151
Monthly mortgage: $3,579
DenisTangneyJr / Getty Images
20% down payment:
Income needed: $113,245
Monthly mortgage: $2,831
10% down payment:
Income needed: $126,484
Monthly mortgage: $3,162
DenisTangneyJr / Getty Images/iStockphoto
20% down payment:
Income needed: $132,745
Monthly mortgage: $3,319
10% down payment:
Income needed: $145,984
Monthly mortgage: $3,650
DenisTangneyJr / Getty Images/iStockphoto
20% down payment:
Income needed: $150,578
Monthly mortgage: $3,514
10% down payment:
Income needed: $153,817
Monthly mortgage: $3,845
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benedek / Getty Images
20% down payment:
Income needed: $117,078
Monthly mortgage: $2,927
10% down payment:
Income needed: $130,317
Monthly mortgage: $3,258
cmart7327 / Getty Images/iStockphoto
20% down payment:
Income needed: $131,578
Monthly mortgage: $3289
10% down payment:
Income needed: $144,817
Monthly mortgage: $3,620
Kruck20 / Getty Images/iStockphoto
20% down payment:
Income needed: $116,412
Monthly mortgage: $2,910
10% down payment:
Income needed: $129,651
Monthly mortgage: $3,241
DenisTangneyJr / Getty Images
20% down payment:
Income needed: $122,078
Monthly mortgage: $3,052
10% down payment:
Income needed: $135,317
Monthly mortgage: $3,383
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Sean Pavone / Getty Images/iStockphoto
20% down payment:
Income needed: $127,578
Monthly mortgage: $3,189
10% down payment:
Income needed: $140,817
Monthly mortgage: $3,520
DenisTangneyJr / iStock.com
20% down payment:
Income needed: $118,578
Monthly mortgage: $2,964
10% down payment:
Income needed: $131,817
Monthly mortgage: $3,295
benedek / Getty Images
20% down payment:
Income needed: $118,745
Monthly mortgage: $2,969
10% down payment:
Income needed: $131,984
Monthly mortgage: $3,300
Sean Pavone / Getty Images/iStockphoto
20% down payment:
Income needed: $126,912
Monthly mortgage: $3,173
10% down payment:
Income needed: $140,151
Monthly mortgage: $3,504
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kickstand / Getty Images
20% down payment:
Income needed: $126,412
Monthly mortgage: $3,160
10% down payment:
Income needed: $139,651
Monthly mortgage: $3,491
Tony Cane-Honeysett / Getty Images
20% down payment:
Income needed: $113,578
Monthly mortgage: $2,839
10% down payment:
Income needed: $126,817
Monthly mortgage: $3,170
DenisTangneyJr / iStock.com
20% down payment:
Income needed: $122,745
Monthly mortgage: $3,069
10% down payment:
Income needed: $135,984
Monthly mortgage: $3,400
Jonathan Ross / Getty Images/iStockphoto
20% down payment:
Income needed: $113,912
Monthly mortgage: $2,848
10% down payment:
Income needed: $127,151
Monthly mortgage: $3,179
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RoschetzkyIstockPhoto / Getty Images
20% down payment:
Income needed: $130,412
Monthly mortgage: $3,260
10% down payment:
Income needed: $143,651
Monthly mortgage: $3,591
miroslav_1 / Getty Images/iStockphoto
20% down payment:
Income needed: $113,745
Monthly mortgage: $2,844
10% down payment:
Income needed: $126,984
Monthly mortgage: $3,175
DenisTangneyJr / iStock.com
20% down payment:
Income needed: $131,912
Monthly mortgage: $3,298
10% down payment:
Income needed: $145,151
Monthly mortgage: $3,629
ferrantraite / Getty Images
20% down payment:
Income needed: $117,912
Monthly mortgage: $2,948
10% down payment:
Income needed: $141,151
Monthly mortgage: $3,279
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benedek / Getty Images
20% down payment:
Income needed: $118,578
Monthly mortgage: $2,964
10% down payment:
Income needed: $131,817
Monthly mortgage: $3,295
DenisTangneyJr / Getty Images/iStockphoto
20% down payment:
Income needed: $115,078
Monthly mortgage: $2,877
10% down payment:
Income needed: $128,317
Monthly mortgage: $3,208
Ultima_Gaina / Getty Images
20% down payment:
Income needed: $128,912
Monthly mortgage: $3,223
10% down payment:
Income needed: $142,151
Monthly mortgage: $3,554
jmoor17 / Getty Images
20% down payment:
Income needed: $115,078
Monthly mortgage: $3,223
10% down payment:
Income needed: $142,151
Monthly mortgage: $3,554
Martin Dasko contributed to a previous version of this article.
Methodology: GOBankingRates found the national 30-year fixed rate for a mortgage (6.95%) via Federal Reserve Economic Research. The property taxes for each state were sourced from Tax Foundation. Then GOBankingRates calculated the annual mortgage cost for various down payments on a $500,000 mortgage. Using the property tax as well as the calculated mortgage options, a yearly cost was estimated for each state. Most financial experts suggest that your housing costs should not be over 30% of your salary, so GOBankingRates calculated the income required to pay for a $500,000 home mortgage, assuming the yearly mortgage costs are no more than 30% of expenses. All data was rounded to the nearest dollar, and collected on and is up to date as of Feb. 3, 2025.
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This article originally appeared on GOBankingRates.com: Here’s the Income You Need To Afford a $500K Home in Every State in 2025
