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Here’s the Income You Need To Afford a $500K Home in Every State in 2025

February 15, 2025

6 min Read

Written by T. Woods

Edited by Molly Sullivan

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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.

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.

Alabama

20% down payment:
- Income needed: $111,912
- Monthly mortgage: $2,798
10% down payment:
- Income needed: $125,151
- Monthly mortgage: $3,129

Alaska

20% down payment:
- Income needed: $123,745
- Monthly mortgage: $3,094
10% down payment:
- Income needed: $136,984
- Monthly mortgage: $3,425

Arizona

20% down payment:
- Income needed: $113,412
- Monthly mortgage: $2,835
10% down payment:
- Income needed: $126,651
- Monthly mortgage: $4,166

Arkansas

20% down payment:
- Income needed: $114,745
- Monthly mortgage: $2,869
10% down payment:
- Income needed: $127,984
- Monthly mortgage: $3,200

California

20% down payment:
- Income needed: $117,245
- Monthly mortgage: $2,931
10% down payment:
- Income needed: $130,484
- Monthly mortgage: $3,262

Colorado

20% down payment:
- Income needed: $113,412
- Monthly mortgage: $2,835
10% down payment:
- Income needed: $126,651
- Monthly mortgage: $3,166

Connecticut

20% down payment:
- Income needed: $135,578
- Monthly mortgage: $3,389
10% down payment:
- Income needed: $148,817
- Monthly mortgage: $3,720

Delaware

20% down payment:
- Income needed: $113,912
- Monthly mortgage: $2,848
10% down payment:
- Income needed: $127,151
- Monthly mortgage: $3,179

Florida

20% down payment:
- Income needed: $117,745
- Monthly mortgage: $2,944
10% down payment:
- Income needed: $130,984
- Monthly mortgage: $3,275

Georgia

20% down payment:
- Income needed: $117,912
- Monthly mortgage: $2,948
10% down payment:
- Income needed: $131,151
- Monthly mortgage: $2,948

Hawaii

20% down payment:
- Income needed: $110,245
- Monthly mortgage: $2,756
10% down payment:
- Income needed: $123,484
- Monthly mortgage: $3,087

Idaho

20% down payment:
- Income needed: $113,745
- Monthly mortgage: $2,844
10% down payment:
- Income needed: $126,984
- Monthly mortgage: $3,175

Illinois

20% down payment:
- Income needed: $138,412
- Monthly mortgage: $2,944
10% down payment:
- Income needed: $151,651
- Monthly mortgage: $3,791

Indiana

20% down payment:
- Income needed: $117,745
- Monthly mortgage: $2,944
10% down payment:
- Income needed: $130,984
- Monthly mortgage: $3,275

Iowa

20% down payment:
- Income needed: $129,245
- Monthly mortgage: $3,231
10% down payment:
- Income needed: $142,484
- Monthly mortgage: $3,562

Kansas

20% down payment:
- Income needed: $126,912
- Monthly mortgage: $3,173
10% down payment:
- Income needed: $140,151
- Monthly mortgage: $3,504

Kentucky

20% down payment:
- Income needed: $118,245
- Monthly mortgage: $2,956
10% down payment:
- Income needed: $131,484
- Monthly mortgage: $3,287

Louisiana

20% down payment:
- Income needed: $114,412
- Monthly mortgage: $2,860
10% down payment:
- Income needed: $127,651
- Monthly mortgage: $3,191

Maine

20% down payment:
- Income needed: $121,912
- Monthly mortgage: $3,048
10% down payment:
- Income needed: $135,151
- Monthly mortgage: $3,379

Maryland

20% down payment:
- Income needed: $121,745
- Monthly mortgage: $3,044
10% down payment:
- Income needed: $134,984
- Monthly mortgage: $3,375

Massachusetts

20% down payment:
- Income needed: $123,245
- Monthly mortgage: $3,081
10% down payment:
- Income needed: $136,484
- Monthly mortgage: $3,412

Michigan

20% down payment:
- Income needed: $126,578
- Monthly mortgage: $3,164
10% down payment:
- Income needed: $139,817
- Monthly mortgage: $3,495

Minnesota

20% down payment:
- Income needed: $122,245
- Monthly mortgage: $3,056
10% down payment:
- Income needed: $135,484
- Monthly mortgage: $3,387

Mississippi

20% down payment:
- Income needed: $117,578
- Monthly mortgage: $2,939
10% down payment:
- Income needed: $130,817
- Monthly mortgage: $3,270

Missouri

20% down payment:
- Income needed: $119,578
- Monthly mortgage: $2,989
10% down payment:
- Income needed: $132,817
- Monthly mortgage: $3,320

Montana

20% down payment:
- Income needed: $117,412
- Monthly mortgage: $2,935
10% down payment:
- Income needed: $130,651
- Monthly mortgage: $3,266

Nebraska

20% down payment:
- Income needed: $129,912
- Monthly mortgage: $3,248
10% down payment:
- Income needed: $143,151
- Monthly mortgage: $3,579

Nevada

20% down payment:
- Income needed: $113,245
- Monthly mortgage: $2,831
10% down payment:
- Income needed: $126,484
- Monthly mortgage: $3,162

New Hampshire

20% down payment:
- Income needed: $132,745
- Monthly mortgage: $3,319
10% down payment:
- Income needed: $145,984
- Monthly mortgage: $3,650

New Jersey

20% down payment:
- Income needed: $150,578
- Monthly mortgage: $3,514
10% down payment:
- Income needed: $153,817
- Monthly mortgage: $3,845

New Mexico

20% down payment:
- Income needed: $117,078
- Monthly mortgage: $2,927
10% down payment:
- Income needed: $130,317
- Monthly mortgage: $3,258

New York

20% down payment:
- Income needed: $131,578
- Monthly mortgage: $3289
10% down payment:
- Income needed: $144,817
- Monthly mortgage: $3,620

North Carolina

20% down payment:
- Income needed: $116,412
- Monthly mortgage: $2,910
10% down payment:
- Income needed: $129,651
- Monthly mortgage: $3,241

North Dakota

20% down payment:
- Income needed: $122,078
- Monthly mortgage: $3,052
10% down payment:
- Income needed: $135,317
- Monthly mortgage: $3,383

Ohio

20% down payment:
- Income needed: $127,578
- Monthly mortgage: $3,189
10% down payment:
- Income needed: $140,817
- Monthly mortgage: $3,520

Oklahoma

20% down payment:
- Income needed: $118,578
- Monthly mortgage: $2,964
10% down payment:
- Income needed: $131,817
- Monthly mortgage: $3,295

Oregon

20% down payment:
- Income needed: $118,745
- Monthly mortgage: $2,969
10% down payment:
- Income needed: $131,984
- Monthly mortgage: $3,300

Pennsylvania

20% down payment:
- Income needed: $126,912
- Monthly mortgage: $3,173
10% down payment:
- Income needed: $140,151
- Monthly mortgage: $3,504

Rhode Island

20% down payment:
- Income needed: $126,412
- Monthly mortgage: $3,160
10% down payment:
- Income needed: $139,651
- Monthly mortgage: $3,491

South Carolina

20% down payment:
- Income needed: $113,578
- Monthly mortgage: $2,839
10% down payment:
- Income needed: $126,817
- Monthly mortgage: $3,170

South Dakota

20% down payment:
- Income needed: $122,745
- Monthly mortgage: $3,069
10% down payment:
- Income needed: $135,984
- Monthly mortgage: $3,400

Tennessee

20% down payment:
- Income needed: $113,912
- Monthly mortgage: $2,848
10% down payment:
- Income needed: $127,151
- Monthly mortgage: $3,179

Texas

20% down payment:
- Income needed: $130,412
- Monthly mortgage: $3,260
10% down payment:
- Income needed: $143,651
- Monthly mortgage: $3,591

Utah

20% down payment:
- Income needed: $113,745
- Monthly mortgage: $2,844
10% down payment:
- Income needed: $126,984
- Monthly mortgage: $3,175

Vermont

20% down payment:
- Income needed: $131,912
- Monthly mortgage: $3,298
10% down payment:
- Income needed: $145,151
- Monthly mortgage: $3,629

Virginia

20% down payment:
- Income needed: $117,912
- Monthly mortgage: $2,948
10% down payment:
- Income needed: $141,151
- Monthly mortgage: $3,279

Washington

20% down payment:
- Income needed: $118,578
- Monthly mortgage: $2,964
10% down payment:
- Income needed: $131,817
- Monthly mortgage: $3,295

West Virginia

20% down payment:
- Income needed: $115,078
- Monthly mortgage: $2,877
10% down payment:
- Income needed: $128,317
- Monthly mortgage: $3,208

Wisconsin

20% down payment:
- Income needed: $128,912
- Monthly mortgage: $3,223
10% down payment:
- Income needed: $142,151
- Monthly mortgage: $3,554

Wyoming

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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