The Salary You'd Need to Afford Each State's Most Expensive House

The Salary You'd Need to Afford Each State's Most Expensive House

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Liz Steelman
Oct 26, 2018

If you were planning on winning the lottery and buying yourself a totally elaborate multi-million dollar mansion… all I can say is I'm sorry. (In full disclosure, I did win... $2.) But the time you spent swimming through listings and the feelings you felt for that perfect mansion don't have to go to waste, right? Is it really so far-fetched that you could one day afford to live there?

Most likely, 100 percent yes... But who am I to say what a human with a goal in mind can and cannot accomplish? In the spirit of fun, I thought it would be fun to find out how much you would need to climb up the corporate ladder (or innovate the next Post-It Note) to be able to have a salary to afford the most expensive home in every state. (Spoiler alert: It's a lot) And the best part? Along the way we will get to look at some pretty snazzy real estate.

But first a lesson in luxury real estate: The people who are actually buying these homes are usually more likely to pay upfront with all-cash than go the financing route. According to a 2017 article by the Los Angeles Times, 35 percent of homes on the Los Angeles market priced at $2 million or higher were bought with all cash.

So for the other 65 percent who don't have that much in the bank, it's a mix of cash and financing—and if a mortgage is good enough for Beyoncé, it's good enough for me! So, for this fun exercise, let's get a mortgage using a 20 percent down payment (because that seems reasonable, right?). However, since conforming loans max out at $453,100, in most places, you're going to need a jumbo loan—a loan that the government doesn't secure and usually comes with higher interest rates and stricter application requirements. So, using a jumbo mortgage calculator (with a 20 percent down payment and current jumbo mortgage rates of 4.750 percent), here's a rough estimate of how much you would need to earn yearly to make the monthly payments on a 30-year, fixed-rate mortgage (based on the guideline that 28 percent of your pre-tax monthly income should go to your mortgage).

Though the monthly payments on these houses look more like yearly salaries than the amount you'd put on a rent check, there are some surprises. Most places require a salary of between $1 and $6 million, but in Alaska, Iowa, Nebraska, and South Dakota, you don't even need to break seven figures to buy. However there are a few places, like California and Colorado, where the monthly payment is awfully close to half a million dollars , meaning you'd need to make around $30M a year (~Can you believe?~).

Alabama: You'd need to make $1.25M each year

6 Greenbriar Rdg, Birmingham

Price: $6.995M
Down payment: $1.399M
Monthly payment: $29.2K

Alaska: You'd need to make $698K each year

74200 Alaskan Oceanside Paradise, Anchor Point

Price: $3.9M
Down payment: $780K
Monthly payment: $16.29K

Arizona: You'd need to make $4.65M each year

10814 E Heritage Ct, Scottsdale

Price: $26M
Down payment: $5.2M
Monthly payment: $108.6K

Arkansas: You'd need to make $1.56M each year

2991 S City Lake Rd, Fayetteville

Price: $8.7M
Down payment: $1.74M
Monthly payment: $36K

California: You'd need to make $33.65M each year

924 Bel Air Rd, Los Angeles

Price: $188M
Down payment: $37.6M
Monthly payment: $785.1K

Colorado: You'd need to make $26.67M each year

40275 Highway 141, Gateway

Price: $149M
Down payment: $29.8M
Monthly payment: $622K

Connecticut: You'd need to make $21.48M each year

19 Great Island Rd, Darien

Price: $120M
Down payment: $24M
Monthly payment: $501K

Delaware: You'd need to make $2.15M each year

10 Pyles Ford Rd, Greenville

Price: $12M
Down payment: $2.4M
Monthly payment: $50K

Florida: You'd need to make $24.88M each year

935 Hillsboro Mile, Hillsboro Beach

Price: $139M
Down payment: $27.8M
Monthly payment: $580K

Georgia: You'd need to make $4.47M each year

4110 Paces Ferry Rd NW, Atlanta

Price: $25M
Down payment: $5M
Monthly payment: $104K

Hawaii: You'd need to make $12.53M each year

2676-E Kauapea Rd, Kilauea

Price: $70M
Down payment: $14M
Monthly payment: $292K

Idaho: You'd need to make $3.58M each year

7095 Bottle Bay Rd, Sagle

Price: $20M
Down payment: $4M
Monthly payment: $83.5K

Illinois: You'd need to make $8.95M each year

1932 N Burling St, Chicago

Price: $50M
Down payment: $10M
Monthly payment: $208.8K

Indiana: You'd need to make $5.37M each year

5501 W Hamilton Rd, Fort Wayne

Price: $30M
Down payment: $6M
Monthly payment: $125K

Iowa: You'd need to make $626.4K each year

13286 NE 56th St, Elkhart

Price: $3.5M
Down payment: $700K
Monthly payment; $14.6K

Kansas: You'd need to make $1.42M each year

6544 Wenonga Cir, Mission Hills

Price: $7.95M
Down payment: $1.59M
Monthly payment: $33K

Kentucky: You'd need to make $4.47M each year

25 Anderson Trl N, Whitesville

Price: $25M
Down payment: $5M
Monthly payment: $104.4K

Louisiana: You'd need to make $2.95M each year

70 Pippens Rd, Mangham

Price: $16.5M
Down payment: $3.3M
Monthly payment: $68.9K

Maine: You'd need to make $2.77M each year

145 Eden St, Bar Harbor

Price: $15.5M
Down payment: $3.1M
Monthly payment: $64.7K

Maryland: You'd need to make $2.7M each year

725 Lands End Rd, Centreville

Price: $15.1M
Down payment: $3.02M
Monthly payment: $63K

Massachusetts: You'd need to make $12.35M each year

150 Woodland Rd, Brookline

Price: $69M
Down payment: $13.8M
Monthly payment: $288K

Michigan: You'd need to make $5.19M each year

20638 E River Rd, Grosse Ile

Price: $29M
Down payment: $5.8M
Monthly payment: $121.1K

Minnesota: You'd need to make $2.67M each year

3370 Northome Rd, Deephaven

Price: $14.895M
Down payment: $2.979M
Monthly payment: $62K

Mississippi: You'd need to make $1.16M each year

845 E Scenic Dr, Pass Christian

Price: $6.5M
Down payment: $1.3M
Monthly payment: $27.1K

Missouri: You'd need to make $1.34M each year

1200 W 55th St, Kansas City

Price: $7.5M
Down payment: $1.5M
Monthly payment: $31.3K

Montana: You'd need to make $5.9M each year

200 Star Meadow Rd, Whitefish

Price: $33M
Down payment: $6.6M
Monthly payment: $137.8K

Nebraska: You'd need to make $671.1K each year

5505 N 230th St, Omaha

Price: $3.75M
Down payment: $750K
Monthly payment: $15.7K

Nevada: You'd need to make $13.42M each year

300 State Route 28, Crystal Bay

Price: $75M
Down payment: $15M
Monthly payment: $313.2K

New Hampshire: You'd need to make $3.19M each year

(Image credit: Landvest via Realtor.com)

142/144 Hopewell Rd, Alton

Price: $17.8M
Down payment: $3.56M
Monthly payment: $74.3K

New Jersey: You'd need to make $5.28M each year

200 Stabled Way, Mahwah

Price: $29.5M
Down payment: $5.9M
Monthly payment: $123.2K

New Mexico: You'd need to make $2.44M each year

117 Tesuque Rdg, Santa Fe

Price: $13.65M
Down payment: $2.73M
Monthly payment: $57K

New York: You'd need to make $10.56M each year

38 Mathews Rd, Wainscott

Price: $59M
Down payment: $11.8M
Monthly payment: $246.4K

North Carolina: You'd need to make $2.15M each year

710 Shoals Watch Way, Bald Head Island

Price: $11.99M
Down payment: $2.4M
Monthly payment: $50K

North Dakota: You'd need to make $653.2K each year

130th Rd NW, Williston

Price: $3.65M
Down payment: $730K
Monthly payment: $15.2K

Ohio: You'd need to make $1.74M each year

21140 Cedar Creek Dr, Strongsville

Price: $9.75M
Down payment: $1.95M
Monthly payment: $40.7K

Oklahoma: You'd need to make $1.21M each year

4717 E 118th St, Tulsa

Price: $6.75M
Down payment: $1.35M
Monthly payment: $28.2K

Oregon: You'd need to make $4.3M each year

16400 Jordan Rd, Sisters

Price: $24M
Down payment: $4.8M
Monthly payment: $100.2K

Pennsylvania: You'd need to make $3.38M each year

100 Maplehill Rd, Gladwyne, PA

Price: $18.9M
Down payment: $3.78M
Monthly payment: $78.9K

Rhode Island: You'd need to make $6.98M each year

(Image credit: Compass via Realtor.com)

339 Ocean Ave, Newport

Price: $39M
Down payment: $7.8M
Monthly payment: $162.9K

South Carolina: You'd need to make $3.58M each year

133 Flyway Dr, Kiawah Island

Price: $20M
Down payment: $4M
Monthly payment: $83.52K

South Dakota: You'd need to make $698K each year

933 Spyglass Cir, Dakota Dunes

Price: $3.9M
Down payment: $780K
Monthly payment: $16.3K

Tennessee: You'd need to make $3.22M each year

1358 Page Rd, Nashville

Price: $18M
Down payment: $3.6M
Monthly payment: $75.2K

Texas: You'd need to make $6.89M each year

5619 Walnut Hill Ln, Dallas

Price: $38.5M
Down payment: $7.7M
Monthly payment: $160.78K

Utah: You'd need to make $5.37M each year

4343 E Weber Canyon Rd, Oakley

Price: $30M
Down payment: $6M
Monthly payment: $125.3K

Vermont: You'd need to make $1.96M each year

506 N Hill Rd, Stowe

Price: $10.95M
Down payment: $2.19M
Monthly payment: $45.7K

Virginia: You'd need to make $5.36M each year

7500 Ironwood Ln, Warrenton, VA

Price: $29.95M
Down payment: $5.99M
Monthly payment: $125.1K

Washington: You'd need to make $8.05M each year

Undisclosed address, Hunts Point

Price: $45M
Down payment: $9M
Monthly payment: $187.92K

West Virginia: You'd need to make $2.33M each year

230 Quarry Rdg E, Charleston

Price: $13M
Down payment: $2.6M
Monthly payment: $54.3K

Wisconsin: You'd need to make $2.56M each year

590 S Lake Shore Dr, Lake Geneva

Price: $14.5M
Down payment: $2.9M
Monthly payment: $60.6K

Wyoming: You'd need to make $4.79M each year

1275 Ely Springs Rd S, Jackson

Price: $26.76M
Down payment: $5.35M
Monthly payment: $111.75K

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