What salary do you need for a $1 million house?
At this week’s average rate of 7.28%, a $1,000,000 home with 20% down costs about $6,540 a month including taxes and insurance. Keeping that at 36% of gross income takes about $218,012 a year.
Income needed by down payment
| Down payment | Loan | Monthly payment | Income (36%) | Income (43%) |
|---|---|---|---|---|
| 3.5% ($35,000) | $965,000 | $8,393 | $279,769 | $234,225 |
| 5% ($50,000) | $950,000 | $8,121 | $270,695 | $226,628 |
| 10% ($100,000) | $900,000 | $7,600 | $253,319 | $212,081 |
| 20% ($200,000) | $800,000 | $6,540 | $218,012 | $182,522 |
Where homes typically sell for about this price
| State | ZIP codes with a median sale price within 10% |
|---|---|
| California | 144 |
| New York | 62 |
| Massachusetts | 39 |
| New Jersey | 38 |
| Washington | 32 |
| Florida | 31 |
| Colorado | 28 |
| Hawaii | 16 |
How we calculated it
We used a 30-year fixed rate of 7.28% (Freddie Mac’s weekly average for the week of 2026-10-01), property taxes of 1.1% of the price a year (close to the national typical rate), $1,800 a year for insurance and estimated mortgage insurance under 20% down. Your taxes can be far higher or lower depending on where you buy; the income needed calculator lets you use your own numbers.
Questions
How much do I need to make to afford a $1,000,000 house?
About $218,012 a year with 20% down, or about $279,769 with 3.5% down, at a 7.28% rate with typical taxes and insurance.
What share of income should go to housing?
A common guideline keeps housing plus other debts at or below 36% of gross income. Many lenders approve up to about 43%.