# How Much Income You Need To Own a Mansion in Every State

See if you can afford thousands of square feet in another state.View Gallery

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If you’re earning a sizable paycheck, you probably already make enough to pay for the average home in your state. But, how much would it cost to afford something bigger? Could you buy any of the million-dollar mansions that you fantasize about?

GOBankingRates examined the costs of owning a mansion between 5,000 and 8,000 square feet in all 50 states and Washington, D.C., along with how much a worker would need to earn to pay for these lavish homes. For the purposes of this study, GOBankingRates used the after-tax income needed to comfortably pay for a mortgage, utilities and property taxes, assuming a 30-year fixed-rate mortgage with an interest rate of 4.17%, sourced from the Federal Reserve Bank of St. Louis on April 18, 2019. The after-tax income doesn’t include the 20% down payment that buyers will have to pay upfront.

For nearly every state, you’ll need to take home more than $100,000 annually to afford a mansion of 5,000 square feet or more. If you’re a high earner — or you just want to look — find out the salary you need to afford your dream home.

*Data is accurate as of May 16, 2019, and is subject to change.*

## Alabama

**Income needed to afford 5,000 square feet:**$105,068**Income needed to afford 6,000 square feet:**$122,755.85**Income needed to afford 7,000 square feet:**$140,483.29**Income needed to afford 8,000 square feet:**$158,210.73

Alabama is a homeowner’s dream if you’re looking for a sizable mansion. A salary of just over $100,000 is enough to move into a “small” mansion of 5,000 square feet. And, property taxes — for any size mansion– are the second lowest in the country.

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## Alaska

**Income needed to afford 5,000 square feet:**$184,666**Income needed to afford 6,000 square feet:**$217,375.71**Income needed to afford 7,000 square feet:**$250,085.26**Income needed to afford 8,000 square feet:**$282,794.81

Alaska has a reputation as an expensive state, but mansion prices aren’t astronomical. In fact, Alaska is one of the few states in which the after-tax income needed to afford an 8,000-square-foot mansion exceeds the 20% down payment — in this case, it’s $274,594.68.

## Arizona

**Income needed to afford 5,000 square feet:**$161,253**Income needed to afford 6,000 square feet:**$190,004.30**Income needed to afford 7,000 square feet:**$218,715.62**Income needed to afford 8,000 square feet:**$247,426.93

Arizona leans toward the middle when it comes to how affordable mansions are in the state. Property taxes, however, are relatively low — you’ll pay $8,045.77 annually for a 7,000-square-foot house priced at $1.1 million.

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## Arkansas

**Income needed to afford 5,000 square feet:**$102,113**Income needed to afford 6,000 square feet:**$119,445.19**Income needed to afford 7,000 square feet:**$136,737.52**Income needed to afford 8,000 square feet:**$154,069.85

Arkansas has the third-cheapest mansion costs in the country, with an 8,000-square-foot complex running under $800,000. That means an income of just over $154,000 is enough to comfortably afford the largest mansion size covered in GOBankingRates’ study.

## California

**Income needed to afford 5,000 square feet:**$307,757**Income needed to afford 6,000 square feet:**$365,805.43**Income needed to afford 7,000 square feet:**$423,854**Income needed to afford 8,000 square feet:**$481,902.57

It will cost you to live in luxury in the Golden State. You’ll need $514,285.71 for a down payment on an 8,000-square-foot house in the third-most expensive state for mansions. You’ll also have to earn almost a half-million dollars per year — after taxes — to comfortably pay your mortgage, utilities and property taxes.

## Colorado

**Income needed to afford 5,000 square feet:**$233,789**Income needed to afford 6,000 square feet:**$277,297.30**Income needed to afford 7,000 square feet:**$320,845.18**Income needed to afford 8,000 square feet:**$364,353.06

With a median list price of $247.39 per square foot, Colorado has the fifth-highest cost for mansions among the 50 states. The 20% down payment on a 5,000-square-foot mansion priced at $247,394.15 is more than the annual income needed to afford that mansion — $233,789.

## Connecticut

**Income needed to afford 5,000 square feet:**$204,795**Income needed to afford 6,000 square feet:**$241,793.12**Income needed to afford 7,000 square feet:**$278,751.50**Income needed to afford 8,000 square feet:**$315,749.89

Connecticut is located in the pricey New England corridor, but mansion prices aren’t too expensive — the state ranks No. 15 in the country. Property taxes, however, are the third highest in the nation, hitting $22,940.13 for an 8,000-square-foot home.

## Delaware

**Income needed to afford 5,000 square feet:**$142,320**Income needed to afford 6,000 square feet:**$167,391.86**Income needed to afford 7,000 square feet:**$192,503.90**Income needed to afford 8,000 square feet:**$217,575.94

Mansions aren’t cheap in Delaware, but they cost just a shade below the national average. The state has the sixth-lowest property taxes in the U.S. at just $3,168.06 for a 5,000-square-foot house.

## District of Columbia

**Income needed to afford 5,000 square feet:**$477,182**Income needed to afford 6,000 square feet:**$569,662.55**Income needed to afford 7,000 square feet:**$662,142.75**Income needed to afford 8,000 square feet:**$754,622.96

The priciest real estate in the nation can be found in Washington, D.C., where an 8,000-square-foot mansion will cost you a whopping $4.3 million. At those stratospheric levels, you’ll need nearly $900,000 just for a 20% down payment, as well as an income exceeding $750,000 to comfortably pay your bills. However, these numbers are counteracted slightly by the fifth-lowest utility cost in the country.

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## Florida

**Income needed to afford 5,000 square feet:**$174,725**Income needed to afford 6,000 square feet:**$206,069.71**Income needed to afford 7,000 square feet:**$237,454.73**Income needed to afford 8,000 square feet:**$268,799.74

At $166.55 per square foot, mansion pricing in Florida is just a bit more expensive than the national average. Property taxes are right at the average, coming in at just over $8,000 for a 5,000-square-foot domicile.

## Georgia

**Income needed to afford 5,000 square feet:**$127,435**Income needed to afford 6,000 square feet:**$149,287.60**Income needed to afford 7,000 square feet:**$171,139.93**Income needed to afford 8,000 square feet:**$192,992.27

Georgia is a good place to live if you want a huge house, as the median list price of $119 per square foot makes the bottom 10 nationwide. An after-tax income of approximately $127,000 is enough to comfortably pay the bills in one of the state’s 5,000-square-foot mansions, which come in at exactly $595,000.

## Hawaii

**Income needed to afford 5,000 square feet:**$462,150**Income needed to afford 6,000 square feet:**$548,708.57**Income needed to afford 7,000 square feet:**$635,307.59**Income needed to afford 8,000 square feet:**$721,866.62

Hawaii is a beautiful place to own a home, but you’ll have to pay heavily for the privilege. On top of the $841,666.67 down payment you’ll need to fork over for an 8,000-square-foot mansion in the nation’s second-priciest real estate market, you’ll pay $8,770.32 per year for utilities, which is by far the highest utility cost in the country.

## Idaho

**Income needed to afford 5,000 square feet:**$160,446**Income needed to afford 6,000 square feet:**$189,777.86**Income needed to afford 7,000 square feet:**$219,149.44**Income needed to afford 8,000 square feet:**$248,481.02

Idaho has the lowest cost for utilities across America, at just $4,124.52 per year. Property taxes are also on the lower end, at $5,657.37 for a 5,000-square-foot home. Mansion pricing in Idaho is just slightly more expensive than average.

## Illinois

**Income needed to afford 5,000 square feet:**$180,310**Income needed to afford 6,000 square feet:**$213,134.92**Income needed to afford 7,000 square feet:**$245,999.87**Income needed to afford 8,000 square feet:**$278,824.82

Although mansion pricing in the Land of Lincoln is about average, the bugaboo here is the property tax rate. You can expect to pay a whopping $21,275.89 in annual property taxes on top of the $245,964.01 down payment for an 8,000-square-foot dwelling.

## Indiana

**Income needed to afford 5,000 square feet:**$113,637**Income needed to afford 6,000 square feet:**$133,065.48**Income needed to afford 7,000 square feet:**$152,493.99**Income needed to afford 8,000 square feet:**$171,922.50

Indiana has the fifth-most affordable mansions in the country. A 20% down payment of $105,476.92 is enough to get you into a 5,000-square-foot mansion priced at $527,384.58. Property taxes in Indiana are relatively affordable as well, at just $7,172.43 for an 8,000-square-foot abode.

## Iowa

**Income needed to afford 5,000 square feet:**$144,275**Income needed to afford 6,000 square feet:**$169,678.74**Income needed to afford 7,000 square feet:**$195,042.13**Income needed to afford 8,000 square feet:**$220,405.53

Property taxes in Iowa are about average, but mansion prices run in the bottom third relative to the rest of the country. A 20% down payment of just over $200,000 can move you into an 8,000-square-foot residence.

## Kansas

**Income needed to afford 5,000 square feet:**$136,396**Income needed to afford 6,000 square feet:**$160,283.12**Income needed to afford 7,000 square feet:**$184,209.90**Income needed to afford 8,000 square feet:**$208,096.69

Kansas is relatively affordable when it comes to buying a mansion — even an 8,000-square-foot dwelling costs less than $1 million. What’s more, a 5,000-square-foot home can be purchased for approximately $600,000.

## Kentucky

**Income needed to afford 5,000 square feet:**$120,406**Income needed to afford 6,000 square feet:**$141,176.55**Income needed to afford 7,000 square feet:**$161,946.98**Income needed to afford 8,000 square feet:**$182,717.40

In addition to low property taxes, Kentucky has the eighth-most affordable mansion prices in the country, at $115.43 per square foot. You can buy an 8,000-square-foot house for $923,475.05, and you’ll owe only $6,649.02 per year in property taxes.

## Louisiana

**Income needed to afford 5,000 square feet:**$113,180**Income needed to afford 6,000 square feet:**$132,746.11**Income needed to afford 7,000 square feet:**$152,351.86**Income needed to afford 8,000 square feet:**$171,917.61

Louisiana has by far the lowest property taxes in the country. For a 5,000-square-foot mansion that costs $604,792.56, you’ll owe just $1,088.63 in property taxes annually.

## Maine

**Income needed to afford 5,000 square feet:**$174,779**Income needed to afford 6,000 square feet:**$206,043**Income needed to afford 7,000 square feet:**$237,267.17**Income needed to afford 8,000 square feet:**$268,531.33

Maine ranks about average when it comes to mansion costs. Everything from property taxes to pricing across the board runs close to the national average. Utility costs are a bit high, however, reaching $5,573.40 annually and placing 10th highest nationally.

## Maryland

**Income needed to afford 5,000 square feet:**$189,057**Income needed to afford 6,000 square feet:**$223,447.79**Income needed to afford 7,000 square feet:**$257,798.35**Income needed to afford 8,000 square feet:**$292,188.92

Maryland’s mansion prices run high, placing 12th highest in the country. An 8,000-square-foot home will cost you nearly $1.5 million, in addition to $12,937.36 in annual property taxes.

## Massachusetts

**Income needed to afford 5,000 square feet:**$269,095**Income needed to afford 6,000 square feet:**$319,161.14**Income needed to afford 7,000 square feet:**$369,187.14**Income needed to afford 8,000 square feet:**$419,253.13

Massachusetts has the double whammy of the fifth-highest property tax in the country coupled with the fourth-most expensive mansion prices. An 8,000-square-foot trophy home will cost over $2.1 million, with another $21,854.38 due annually in property tax.

## Michigan

**Income needed to afford 5,000 square feet:**$150,363**Income needed to afford 6,000 square feet:**$177,173.36**Income needed to afford 7,000 square feet:**$203,944.12**Income needed to afford 8,000 square feet:**$230,714.88

Want an 8,000-square-foot mansion for just over $1 million? Michigan might be the state for you. A $204,170.68 down payment is enough to move you into a million-dollar house — though you’ll also need to pay $16,537.83 every year in property taxes.

## Minnesota

**Income needed to afford 5,000 square feet:**$191,326**Income needed to afford 6,000 square feet:**$226,347.30**Income needed to afford 7,000 square feet:**$261,368.52**Income needed to afford 8,000 square feet:**$296,389.74

Housing prices run a little high in Minnesota, where you’ll need more than $917,000 to purchase a 5,000-square-foot residence. Property taxes are higher than average as well, running $9,631.83 annually for this starter-size mansion.

## Mississippi

**Income needed to afford 5,000 square feet:**$96,686**Income needed to afford 6,000 square feet:**$112,907.43**Income needed to afford 7,000 square feet:**$129,128.94**Income needed to afford 8,000 square feet:**$145,310.44

Mississippi has the cheapest housing in the country, at $93.55 per square foot — which means an 8,000-square-foot mansion costs only $748,387.10. After forking over a $149,677.42 down payment, you won’t even need $150,000 a year to comfortably pay your bills. Property taxes and utility costs are also cheap compared to the rest of the U.S.

## Missouri

**Income needed to afford 5,000 square feet:**$128,364**Income needed to afford 6,000 square feet:**$150,577.34**Income needed to afford 7,000 square feet:**$172,750.29**Income needed to afford 8,000 square feet:**$194,923.25

The Show-Me State is quite affordable when it comes to mansion pricing — it’s ranked the 10th cheapest in the nation. If you’re earning just over $150,000 after taxes, you can live comfortably in one of the state’s 6,000-square-foot mansions, which run about $714,650.

## Montana

**Income needed to afford 5,000 square feet:**$200,917**Income needed to afford 6,000 square feet:**$238,260.03**Income needed to afford 7,000 square feet:**$275,563.17**Income needed to afford 8,000 square feet:**$312,866.30

Montana may not have the high-cost reputation of the coastal states, but it does carry the 10th-highest mansion prices in the U.S. You’ll need just over $1 million to buy 5,000 square feet, while an 8,000-square-foot behemoth prices out at over $1.6 million. Utility costs, however, are the third lowest in the country, at $4,308.36 annually.

## Nebraska

**Income needed to afford 5,000 square feet:**$164,771**Income needed to afford 6,000 square feet:**$194,505.41**Income needed to afford 7,000 square feet:**$224,239.98**Income needed to afford 8,000 square feet:**$254,014.54

Nebraska pairs cheaper-than-average mansion prices with higher property taxes. An 8,000-square-foot mansion can be purchased for just over $1.1 million, but the property taxes associated with it tally $19,522.96 per year.

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## Nevada

**Income needed to afford 5,000 square feet:**$175,407**Income needed to afford 6,000 square feet:**$207,489.27**Income needed to afford 7,000 square feet:**$239,571.28**Income needed to afford 8,000 square feet:**$271,613.30

Nevada boasts the fifth-lowest utility costs in the country, at $4,523.16 annually. However, prices for large homes are higher than average, approaching $1.4 million for an 8,000-square-foot mansion.

## New Hampshire

**Income needed to afford 5,000 square feet:**$203,073**Income needed to afford 6,000 square feet:**$239,902.85**Income needed to afford 7,000 square feet:**$276,693.19**Income needed to afford 8,000 square feet:**$313,483.53

New Hampshire is located in the pricey Northeast, though mansions in the Granite State aren’t nearly as pricey as in some of its sister states. Property taxes are the costly culprit here — they’re the second highest in the nation. You can expect to pay $25,128.82 every year in property taxes on an 8,000-square-foot mansion, or $15,705.51 on 5,000 square feet.

## New Jersey

**Income needed to afford 5,000 square feet:**$222,073**Income needed to afford 6,000 square feet:**$263,017.31**Income needed to afford 7,000 square feet:**$303,962.06**Income needed to afford 8,000 square feet:**$344,906.82

New Jersey has above-average housing prices and astronomical property taxes — the highest in the nation, to be exact. For an 8,000-square-foot mansion, you’ll owe a whopping $28,283.41 in property taxes every year. The 20% down payment on that $1.5 million home would be roughly $300,000.

## New Mexico

**Income needed to afford 5,000 square feet:**$131,288**Income needed to afford 6,000 square feet:**$154,400.29**Income needed to afford 7,000 square feet:**$177,552.87**Income needed to afford 8,000 square feet:**$200,665.45

Even for mansion-sized homes, New Mexico is relatively affordable in terms of housing prices, property taxes and utility costs. Even 8,000-square-foot mansions barely crest the $1 million mark, with property taxes on a home that size coming to just $5,838.19 a year.

## New York

**Income needed to afford 5,000 square feet:**$222,481**Income needed to afford 6,000 square feet:**$263,190.82**Income needed to afford 7,000 square feet:**$303,860.56**Income needed to afford 8,000 square feet:**$344,530.29

New York doesn’t have the highest mansion prices and property taxes in the country, but it’s not too far off. On a $1 million, 5,000-square-foot home, you’ll owe $12,704.61 in annual property taxes. That bill jumps to more than $20,000 per year on an 8,000-square-foot New York mansion.

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## North Carolina

**Income needed to afford 5,000 square feet:**$136,796**Income needed to afford 6,000 square feet:**$160,787.74**Income needed to afford 7,000 square feet:**$184,819.63**Income needed to afford 8,000 square feet:**$208,811.52

North Carolina has below-average housing prices and property taxes. With an after-tax salary of just above $200,000, you could afford one of the state’s $1.1 million, 8,000-square-foot mansions.

## North Dakota

**Income needed to afford 5,000 square feet:**$163,780**Income needed to afford 6,000 square feet:**$193,240.82**Income needed to afford 7,000 square feet:**$222,701.29**Income needed to afford 8,000 square feet:**$252,161.76

North Dakota’s mansion prices are a bit lower than the national average, but its property taxes run higher than average. While a $252,000 salary can get you into an 8,000-square-foot, $1.2 million mansion, you’ll need to cough up more than $16,000 per year in property taxes.

## Ohio

**Income needed to afford 5,000 square feet:**$126,106**Income needed to afford 6,000 square feet:**$147,741.15**Income needed to afford 7,000 square feet:**$169,376.01**Income needed to afford 8,000 square feet:**$191,010.86

Mansion lovers in Ohio enjoy the state’s position as the seventh-cheapest market for those types of homes, with even a monstrous 8,000-square-foot home running just over $860,000. Property taxes are slightly below average, but they might seem relatively high considering how inexpensive the homes are.

## Oklahoma

**Income needed to afford 5,000 square feet:**$111,507**Income needed to afford 6,000 square feet:**$130,361.69**Income needed to afford 7,000 square feet:**$149,215.97**Income needed to afford 8,000 square feet:**$168,070.25

Costing just $104.36 per square foot, Oklahoma has the fourth-cheapest housing in the nation. With an after-tax income of just over $168,000, you could comfortably pay your bills in an 8,000-square-foot mansion — which would set you back about $835,000 at purchase.

## Oregon

**Income needed to afford 5,000 square feet:**$215,354**Income needed to afford 6,000 square feet:**$255,390.36**Income needed to afford 7,000 square feet:**$295,426.76**Income needed to afford 8,000 square feet:**$335,423.15

Oregon has beautiful scenery as well as some of the most expensive real estate in the country. A 5,000-square-foot mansion runs over $1 million, while larger homes top $1.7 million. Property taxes on these 8,000-square-foot homes set you back more than $15,000 per year.

## Pennsylvania

**Income needed to afford 5,000 square feet:**$149,645**Income needed to afford 6,000 square feet:**$176,095.44**Income needed to afford 7,000 square feet:**$202,586.01**Income needed to afford 8,000 square feet:**$229,076.59

Pennsylvania has reasonably affordable mansion-style homes. A salary of just under $150,000 is enough to enjoy one of the state’s 5,000-square-foot mansions. At the higher end, an 8,000-square-foot home costs just over $1.1 million.

## Rhode Island

**Income needed to afford 5,000 square feet:**$228,237**Income needed to afford 6,000 square feet:**$269,684.88**Income needed to afford 7,000 square feet:**$311,172.49**Income needed to afford 8,000 square feet:**$352,620.10

Rhode Island might be a small state, but it’s one of the priciest when it comes to housing and ancillary costs. Utilities will set you back $6,263.76 annually — the third-most expensive in the country — and property taxes are the fourth highest. A $1.7 million, 8,000-square-foot mansion will trigger $22,290.27 in annual property taxes.

## South Carolina

**Income needed to afford 5,000 square feet:**$130,480**Income needed to afford 6,000 square feet:**$152,794.30**Income needed to afford 7,000 square feet:**$175,068.15**Income needed to afford 8,000 square feet:**$197,382

The Palmetto State offers both low housing prices and low property taxes. Of course, everything is relative. An 8,000-square-foot mansion in South Carolina will still cost you over $1 million, requiring a $206,769.66 down payment. However, your annual property tax bill will only be $5,169.24.

## South Dakota

**Income needed to afford 5,000 square feet:**$179,751**Income needed to afford 6,000 square feet:**$212,616.40**Income needed to afford 7,000 square feet:**$245,522**Income needed to afford 8,000 square feet:**$278,387.60

South Dakota has above-average mansion prices and property taxes, though utility costs are low at $4,590.84 per year. A 6,000-square-foot house will run you nearly $1 million, with $12,718.08 in annual property taxes to go along with it.

## Tennessee

**Income needed to afford 5,000 square feet:**$134,390**Income needed to afford 6,000 square feet:**$158,072.82**Income needed to afford 7,000 square feet:**$181,715.95**Income needed to afford 8,000 square feet:**$205,399.09

Tennessee mansions are affordable on a relative basis. An after-tax income of just over $205,000 can put you in a $1.1 million, 8,000-square-foot home. Property taxes are also low, coming in at $4,504.70 annually on a 5,000-square-foot dwelling.

## Texas

**Income needed to afford 5,000 square feet:**$154,082**Income needed to afford 6,000 square feet:**$181,604.11**Income needed to afford 7,000 square feet:**$209,126.26**Income needed to afford 8,000 square feet:**$236,688.41

Property taxes are certainly bigger in Texas, but that’s not true for everything else. Mansion prices are relatively affordable, with 8,000-square-foot mansions topping out at around $1 million. What could sting is the $18,437.16 in annual property taxes on a house of that size.

## Utah

**Income needed to afford 5,000 square feet:**$175,033**Income needed to afford 6,000 square feet:**$207,213.81**Income needed to afford 7,000 square feet:**$239,434.97**Income needed to afford 8,000 square feet:**$271,656.14

Mansion owners in Utah benefit from property taxes that are lower than what the price of their homes may indicate. For example, on a $915,000, 5,000-square-foot home, property taxes amount to only $5,491.75. The state also has the second-lowest utility costs in the country, at $4,202.04 annually.

## Vermont

**Income needed to afford 5,000 square feet:**$183,270**Income needed to afford 6,000 square feet:**$216,177**Income needed to afford 7,000 square feet:**$249,084.50**Income needed to afford 8,000 square feet:**$281,992

Beautiful Vermont has 5,000-square-foot mansions available for $787,500, which is right about the national average. However, you’ll have to pay higher-than-average annual property taxes of $12,521.25 on a home of that size.

## Virginia

**Income needed to afford 5,000 square feet:**$161,711**Income needed to afford 6,000 square feet:**$190,577.82**Income needed to afford 7,000 square feet:**$219,484.73**Income needed to afford 8,000 square feet:**$248,391.63

At $160.01 per square foot, Virginia’s cost of housing is very close to the national average. And, property taxes are slightly below average, coming to $9,472.57 annually on an 8,000-square-foot mansion priced at $1.3 million.

## Washington

**Income needed to afford 5,000 square feet:**$232,369**Income needed to afford 6,000 square feet:**$275,881.23**Income needed to afford 7,000 square feet:**$319,393.56**Income needed to afford 8,000 square feet:**$362,905.90

Washington is a beautiful state to live in, but it also costs a pretty penny to buy a home there. A 5,000-square-foot mansion costs over $1.1 million, while you’ll be looking at $1.9 million to live in the 8,000-square foot version. Plus, property taxes are high. Residents get a bit of a break in utility costs, which are the fourth cheapest in the country.

## West Virginia

**Income needed to afford 5,000 square feet:**$98,505**Income needed to afford 6,000 square feet:**$115,074.58**Income needed to afford 7,000 square feet:**$131,644.41**Income needed to afford 8,000 square feet:**$148,174.23

You can live in the second-cheapest area for mansions in the U.S. if you decide to buy in West Virginia, where housing goes for $96.11 per square foot. For a 5,000-square-foot mansion, this means you’ll pay approximately $500,000, your down payment will be less than $100,000 and your property taxes will set you back just $2,354.74.

## Wisconsin

**Income needed to afford 5,000 square feet:**$165,259**Income needed to afford 6,000 square feet:**$195,201.75**Income needed to afford 7,000 square feet:**$225,144.37**Income needed to afford 8,000 square feet:**$255,087

Housing prices are slightly below average in Wisconsin, but property taxes are higher than you might expect. Although a 5,000-square-foot mansion can be purchased for less than $700,000, you’d owe over $12,000 in property taxes annually — the 10th-highest rate in the nation.

## Wyoming

**Income needed to afford 5,000 square feet:**$162,553**Income needed to afford 6,000 square feet:**$191,912.20**Income needed to afford 7,000 square feet:**$221,271.50**Income needed to afford 8,000 square feet:**$250,630.80

Wyoming is another state with low property taxes relative to home prices. An 8,000-square-foot mansion costs over $1.3 million, but property taxes on that house amount to only $7,774.32 per year. Wyoming also has relatively low utility costs, at $4,714.92 annually.

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## How To Determine If You Can Afford a Mansion

Owning a mansion certainly isn’t for everyone. For starters, even in modestly priced states, it takes a lot of money to pay off and maintain such a large house. The important thing to remember is that you have to factor in all of your costs when you’re determining how much house you can afford. In addition to a 20% down payment, this includes property taxes and utilities. Before you start drafting your mansion floor plans, you might consider mapping out your finances to make sure you’re not overextending yourself.

Additionally, the GOBankingRates study pointed out that huge houses come at a wide variety of price points. While an 8,000-square-foot mansion in Washington, D.C., will set you back over $4.3 million, a more modest yet still impressive 5,000-square-foot home in Mississippi can be purchased for just under $468,000. The bottom line is that you can see home values fluctuate greatly just from shopping around in various states.

Keep reading to see the best place to buy a home in every state.

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*Methodology: GOBankingRates analyzed all 50 states plus Washington, D.C., to find out how much mansions cost and the salary you need to afford one. GOBankingRates used Zillow’s definition of a mansion from its “Residential Home Types” page, which defines a mansion as “a very large house; somewhere between 5,000 and 8,000 square feet.” The study used the following criteria to determine how much you need to earn in order to own a mansion in each state: (1) median list price per square foot; (2) monthly mortgage payment, using Zillow’s mortgage calculator to calculate a 30-year fixed-rate mortgage with the interest rate set at 4.17%, sourced from the Federal Reserve Bank of St. Louis on April 18, 2019 (monthly mortgage payments were multiplied by 12 to provide the annual mortgage payment); (3) the salary needed to comfortably afford mortgage payments and associated housing expenses (annual mortgage payment, annual utilities and annual property taxes were calculated to not exceed 30% of your salary, a rule-of-thumb maximum percentage that should be spent on housing); (4) annual cost of utilities by state, sourced from Move.org’s 2019 “The Cost of Utilities: Which States Pay the Most?” study; and (5) annual property taxes paid on each mansion by state, using median property tax rates by state, sourced from Tax-Rates.org.*

*Data is accurate as of May 16, 2019, and is subject to change.*

### About the Author

#### John Csiszar

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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