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

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• 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.