Social Media Means
Social Media Means
Photo: Karolina Grabowska
To afford a $1 million home you need a minimum annual income of $200,000 to $225,000. You'll also need to have enough money saved for the down payment and closing costs, which can add up to over 20% of the purchase price. There are a variety of reasons someone might want a million-dollar home in the first place.
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Read More »To afford a $1 million home you need a minimum annual income of $200,000 to $225,000. You'll also need to have enough money saved for the down payment and closing costs, which can add up to over 20% of the purchase price. There are a variety of reasons someone might want a million-dollar home in the first place. Such houses are often large, and comfortable, and feature some additional amenities such as a home gym, mini-movie theater, or a luxurious patio and pool area. These homes are often secluded, offering more privacy. Keep reading to determine if your salary is high enough to afford a million-dollar home. hash-mark How Much Do You Have to Make To Afford a Million Dollar Home Generally speaking, most people will need to make a salary of roughly $220,000 per year to afford a 1 million dollar home. That comes out to a salary of just above $18,000 per month.This figure alone is not enough to get you a million-dollar home. You will need to make a hefty down payment - you should aim for a 20% down payment, which comes out to be over $200,000 by itself. Additionally, you will need to have clean finances with little debt and a good credit score. Again, the larger your down payment, the lower your mortgage payments will be, so a lower annual income could suffice. This, however, would mean that you have enough cash sitting around to make a 50% - 60% - or even 70% down payment. On a $1 million home, that comes out to be a lot of money! Those planning for retirement might have several hundred thousand, or even millions saved up. They might be able to purchase a lovely million-dollar home and have low enough mortgage rates to keep their current job.
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Read More »Let’s imagine you want a 1 million dollar home and can afford a 20% down payment. Based on current interest rates, your monthly payments would likely land up around $4,500 (mortgage + property tax + heating costs). This amounts to annual expenses of $54,000. Assuming you have a sufficient credit score, what would you need to make to meet a 32% debt-to-service ratio? You would need to make over $168,750 to meet the 32% ratio (54,000 / 168,750 = 32%). Now imagine that you have an additional $1500 in monthly expenses - car loans, student loans, and other miscellaneous loans. Now your monthly payments are $6,000, and the annual expenses are $72,000. When lenders consider all your expenses, they are looking at your total debt service ratio. They are a bit more lenient when they consider these other expenses and look for ratios near 40% (32% + 8% to cover all the costs). In this case, you would need to make over $180,000 to meet a 40% ratio and afford a 1 million dollar home. These two examples are the typical baseline estimation of a mortgage for a million-dollar home. If you can afford a larger down payment, have a higher annual income, and a better financial record, you will likely make lower monthly payments and get more flexible interest rates.
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