2024 vs. 2014: Income Needed To Afford a Million-Dollar Home in Every State

The American dream of owning a million-dollar home requires earning an increasingly high salary, especially when you’re taking a look at home prices from just a decade ago.

To determine how much income affords a million-dollar home in each state, GOBankingRates found the national 30-year fixed rate for a mortgage in 2024 (6.74%) and 2014 (4.32%) and calculated the annual mortgage cost for a $1 million home in 2024 and 2014 assuming there is a 20% down payment. Property taxes were also collected to calculate the income needed to pay for a $1 million home mortgage.

Key Findings

• All 50 states require earning a minimum of $200,000 annually to afford a $1 million dollar home in 2024. This is a substantial increase over 2014’s data in which only 14 states required a $200,000 annual income to purchase a million-dollar home.
• In 2024, the top five states requiring the highest income to purchase a $1 million home are as follows, ranked in descending order: New Jersey ($281,672.06), Illinois ($276,672.06), New Hampshire ($271,672.06), Vermont ($268,338.72) and Connecticut ($267,005.39).
• What about the states that rank from lowest income to highest? These five states are Hawaii ($218,005.39), Alabama ($220,672.06), Colorado ($225,672.06), Louisiana and Wyoming (tied in fourth place at $226,005.39) and South Carolina, Utah and West Virginia (tied in fifth place at $226,338.72). Of course, what you can get for a million dollars varies significantly in these states.

In alphabetical order, here’s how much you’d need to earn in every state to afford a million-dollar home.

2024

• Average property tax rate (2024): 0.40%
• Annual property tax rate (2024): $4,000
• Monthly mortgage payment (2024): $5,516.80
• Yearly mortgage (2024): $66,202
• Minimum income needed to afford $1 million home in 2024: $220,672.06

2014

• Average property tax rate (2014): 0.40%
• Annual property tax rate (2014): $4,000
• Monthly mortgage payment (2014): $4,301.71
• Yearly mortgage (2014): $51,620
• Minimum income needed to afford $1 million home in 2014: $172,068.22

• Average property tax rate (2024): 1.04%
• Annual property tax rate (2024): $10,400
• Monthly mortgage payment (2024): $6,050.13
• Yearly mortgage (2024): $72,602
• Minimum income needed to afford $1 million home in 2024: $242,005.39

• Average property tax rate (2014): 1.01%
• Annual property tax rate (2014): $10,100
• Monthly mortgage payment (2014): $4,810.04
• Yearly mortgage (2014): $57,720
• Minimum income needed to afford $1 million home in 2014: $192,401.56

• Average property tax rate (2024): 0.63%
• Annual property tax rate (2024): $6,300
• Monthly mortgage payment (2024): $5,708.47
• Yearly mortgage (2024): $68,502
• Minimum income needed to afford $1 million home in 2024: $228,338.72

• Average property tax rate (2014): 0.66%
• Annual property tax rate (2014): $6,600
• Monthly mortgage payment (2014): $4,518.37
• Yearly mortgage (2014): $54,220
• Minimum income needed to afford $1 million home in 2014: $180,734.89

• Average property tax rate (2024): 0.64%
• Annual property tax rate (2024): $6,400
• Monthly mortgage payment (2024): $5,716.80
• Yearly mortgage (2024): $68,602
• Minimum income needed to afford $1 million home in 2024: $228,672.06

• Average property tax rate (2014): 0.64%
• Annual property tax rate (2014): $6,400
• Monthly mortgage payment (2014): $4,501.71
• Yearly mortgage (2014): $54,020
• Minimum income needed to afford $1 million home in 2014: $180,068.22

• Average property tax rate (2024): 0.75%
• Annual property tax rate (2024): $7,500
• Monthly mortgage payment (2024): $5,808.47
• Yearly mortgage (2024): $69,702
• Minimum income needed to afford $1 million home in 2024: $232,338.72

• Average property tax rate (2014): 0.73%
• Annual property tax rate (2014): $7,300
• Monthly mortgage payment (2014): $4,576.71
• Yearly mortgage (2014): $54,920
• Minimum income needed to afford $1 million home in 2014: $183,068.22

• Average property tax rate (2024): 0.55%
• Annual property tax rate (2024): $5,500
• Monthly mortgage payment (2024): $5,641.80
• Yearly mortgage (2024): $67,702
• Minimum income needed to afford $1 million home in 2024: $225,672.06

• Average property tax rate (2014): 0.59%
• Annual property tax rate (2014): $5,900
• Monthly mortgage payment (2014): $4,460.04
• Yearly mortgage (2014): $53,520
• Minimum income needed to afford $1 million home in 2014: $178,401.56

• Average property tax rate (2024): 1.79%
• Annual property tax rate (2024): $17,900
• Monthly mortgage payment (2024): $6,675.13
• Yearly mortgage (2024): $80,102
• Minimum income needed to afford $1 million home in 2024: $267,005.39

• Average property tax rate (2014): 1.53%
• Annual property tax rate (2014): $15,300
• Monthly mortgage payment (2014): $5,243.37
• Yearly mortgage (2014): $62,920
• Minimum income needed to afford $1 million home in 2014: $209,734.89

• Average property tax rate (2024): 0.61%
• Annual property tax rate (2024): $6,100
• Monthly mortgage payment (2024): $5,691.80
• Yearly mortgage (2024): $68,302
• Minimum income needed to afford $1 million home in 2024: $227,672.06

• Average property tax rate (2014): 0.55%
• Annual property tax rate (2014): $5,500
• Monthly mortgage payment (2014): $4,426.71
• Yearly mortgage (2014): $53,120
• Minimum income needed to afford $1 million home in 2014: $177,068.22

• Average property tax rate (2024): 0.91%
• Annual property tax rate (2024): $9,100
• Monthly mortgage payment (2024): $5,941.80
• Yearly mortgage (2024): $71,302
• Minimum income needed to afford $1 million home in 2024: $237,672.06

• Average property tax rate (2014): 0.98%
• Annual property tax rate (2014): $9,800
• Monthly mortgage payment (2014): $4,785.04
• Yearly mortgage (2014): $57,420
• Minimum income needed to afford $1 million home in 2014: $191,401.56

• Average property tax rate (2024): 0.92%
• Annual property tax rate (2024): $9,200
• Monthly mortgage payment (2024): $5,950.13
• Yearly mortgage (2024): $71,402
• Minimum income needed to afford $1 million home in 2024: $238,005.39

• Average property tax rate (2014): 0.91%
• Annual property tax rate (2014): $9,100
• Monthly mortgage payment (2014): $4,726.71
• Yearly mortgage (2014): $56,720
• Minimum income needed to afford $1 million home in 2014: $189,068.22

• Average property tax rate (2024): 0.32%
• Annual property tax rate (2024): $3,200
• Monthly mortgage payment (2024): $5,450.13
• Yearly mortgage (2024): $65,402
• Minimum income needed to afford $1 million home in 2024: $218,005.39

• Average property tax rate (2014): 0.28%
• Annual property tax rate (2014): $2,800
• Monthly mortgage payment (2014): $4,201.71
• Yearly mortgage (2014): $50,420
• Minimum income needed to afford $1 million home in 2014: $168,068.22

• Average property tax rate (2024): 0.67%
• Annual property tax rate (2024): $6,700
• Monthly mortgage payment (2024): $5,741.80
• Yearly mortgage (2024): $68,902
• Minimum income needed to afford $1 million home in 2024: $229,672.06

• Average property tax rate (2014): 0.73%
• Annual property tax rate (2014): $7,300
• Monthly mortgage payment (2014): $4,576.71
• Yearly mortgage (2014): $54,920
• Minimum income needed to afford $1 million home in 2014: $183,068.22

• Average property tax rate (2024): 2.08%
• Annual property tax rate (2024): $20,800
• Monthly mortgage payment (2024): $6,916.80
• Yearly mortgage (2024): $83,002
• Minimum income needed to afford $1 million home in 2024: $276,672.06

• Average property tax rate (2014): 1.98%
• Annual property tax rate (2014): $19,800
• Monthly mortgage payment (2014): $5,618.37
• Yearly mortgage (2014): $67,420
• Minimum income needed to afford $1 million home in 2014: $224,734.89

• Average property tax rate (2024): 0.84%
• Annual property tax rate (2024): $8,400
• Monthly mortgage payment (2024): $5,883.47
• Yearly mortgage (2024): $70,602
• Minimum income needed to afford $1 million home in 2024: $235,338.72

• Average property tax rate (2014): 0.86%
• Annual property tax rate (2014): $8,600
• Monthly mortgage payment (2014): $4,685.04
• Yearly mortgage (2014): $56,220
• Minimum income needed to afford $1 million home in 2014: $187,401.56

• Average property tax rate (2024): 1.52%
• Annual property tax rate (2024): $15,200
• Monthly mortgage payment (2024): $6,450.13
• Yearly mortgage (2024): $77,402
• Minimum income needed to afford $1 million home in 2024: $258,005.39

• Average property tax rate (2014): 1.42%
• Annual property tax rate (2014): $14,200
• Monthly mortgage payment (2014): $5,151.71
• Yearly mortgage (2014): $61,820
• Minimum income needed to afford $1 million home in 2014: $206,068.22

• Average property tax rate (2024): 1.34%
• Annual property tax rate (2024): $13,400
• Monthly mortgage payment (2024): $6,300.13
• Yearly mortgage (2024): $75,602
• Minimum income needed to afford $1 million home in 2024: $252,005.39

• Average property tax rate (2014): 1.30%
• Annual property tax rate (2014): $13,000
• Monthly mortgage payment (2014): $5,051.71
• Yearly mortgage (2014): $60,620
• Minimum income needed to afford $1 million home in 2014: $202,068.22

• Average property tax rate (2024): 0.83%
• Annual property tax rate (2024): $8,300
• Monthly mortgage payment (2024): $5,875.13
• Yearly mortgage (2024): $70,502
• Minimum income needed to afford $1 million home in 2024: $235,005.39

• Average property tax rate (2014): 0.80%
• Annual property tax rate (2014): $8,000
• Monthly mortgage payment (2014): $4,635.04
• Yearly mortgage (2014): $55,620
• Minimum income needed to afford $1 million home in 2014: $185,401.56

• Average property tax rate (2024): 0.56%
• Annual property tax rate (2024): $5,600
• Monthly mortgage payment (2024): $5,650.13
• Yearly mortgage (2024): $67,802
• Minimum income needed to afford $1 million home in 2024: $226,005.39

• Average property tax rate (2014): 0.50%
• Annual property tax rate (2014): $5,000
• Monthly mortgage payment (2014): $4,385.04
• Yearly mortgage (2014): $52,620
• Minimum income needed to afford $1 million home in 2014: $175,401.56

• Average property tax rate (2024): 1.24%
• Annual property tax rate (2024): $12,400
• Monthly mortgage payment (2024): $6,216.80
• Yearly mortgage (2024): $74,602
• Minimum income needed to afford $1 million home in 2024: $248,672.06

• Average property tax rate (2014): 1.20%
• Annual property tax rate (2014): $12,000
• Monthly mortgage payment (2014): $4,968.37
• Yearly mortgage (2014): $59,620
• Minimum income needed to afford $1 million home in 2014: $198,734.89

• Average property tax rate (2024): 1.05%
• Annual property tax rate (2024): $10,500
• Monthly mortgage payment (2024): $6,058.47
• Yearly mortgage (2024): $72,702
• Minimum income needed to afford $1 million home in 2024: $242,338.72

• Average property tax rate (2014): 1.00%
• Annual property tax rate (2014): $10,000
• Monthly mortgage payment (2014): $4,801.71
• Yearly mortgage (2014): $57,620
• Minimum income needed to afford $1 million home in 2014: $192,068.22

• Average property tax rate (2024): 1.14%
• Annual property tax rate (2024): $11,400
• Monthly mortgage payment (2024): $6,133.47
• Yearly mortgage (2024): $73,602
• Minimum income needed to afford $1 million home in 2024: $245,338.72

• Average property tax rate (2014): 1.11%
• Annual property tax rate (2014): $11,100
• Monthly mortgage payment (2014): $4,893.37
• Yearly mortgage (2014): $58,720
• Minimum income needed to afford $1 million home in 2014: $195,734.89

• Average property tax rate (2024): 1.38%
• Annual property tax rate (2024): $13,800
• Monthly mortgage payment (2024): $6,333.47
• Yearly mortgage (2024): $76,002
• Minimum income needed to afford $1 million home in 2024: $253,338.72

• Average property tax rate (2014): 1.09%
• Annual property tax rate (2014): $10,900
• Monthly mortgage payment (2014): $4,876.71
• Yearly mortgage (2014): $58,520
• Minimum income needed to afford $1 million home in 2014: $195,068.22

• Average property tax rate (2024): 1.11%
• Annual property tax rate (2024): $11,100
• Monthly mortgage payment (2024): $6,108.47
• Yearly mortgage (2024): $73,302
• Minimum income needed to afford $1 million home in 2024: $244,338.72

• Average property tax rate (2014): 1.09%
• Annual property tax rate (2014): $10,900
• Monthly mortgage payment (2014): $4,876.71
• Yearly mortgage (2014): $58,520
• Minimum income needed to afford $1 million home in 2014: $195,068.22

• Average property tax rate (2024): 0.67%
• Annual property tax rate (2024): $6,700
• Monthly mortgage payment (2024): $5,741.80
• Yearly mortgage (2024): $68,902
• Minimum income needed to afford $1 million home in 2024: $229,672.06

• Average property tax rate (2014): 0.65%
• Annual property tax rate (2014): $6,500
• Monthly mortgage payment (2014): $4,510.04
• Yearly mortgage (2014): $54,120
• Minimum income needed to afford $1 million home in 2014: $180,401.56

• Average property tax rate (2024): 1.01%
• Annual property tax rate (2024): $10,100
• Monthly mortgage payment (2024): $6,025.13
• Yearly mortgage (2024): $72,302
• Minimum income needed to afford $1 million home in 2024: $241,005.39

• Average property tax rate (2014): 1.00%
• Annual property tax rate (2014): $10,000
• Monthly mortgage payment (2014): $4,801.71
• Yearly mortgage (2014): $57,620
• Minimum income needed to afford $1 million home in 2014: $192,068.22

• Average property tax rate (2024): 0.74%
• Annual property tax rate (2024): $7,400
• Monthly mortgage payment (2024): $5,800.13
• Yearly mortgage (2024): $69,602
• Minimum income needed to afford $1 million home in 2024: $232,005.39

• Average property tax rate (2014): 0.75%
• Annual property tax rate (2014): $7,500
• Monthly mortgage payment (2014): $4,593.37
• Yearly mortgage (2014): $55,120
• Minimum income needed to afford $1 million home in 2014: $183,734.89

• Average property tax rate (2024): 1.63%
• Annual property tax rate (2024): $16,300
• Monthly mortgage payment (2024): $6,541.80
• Yearly mortgage (2024): $78,502
• Minimum income needed to afford $1 million home in 2024: $261,672.06

• Average property tax rate (2014): 1.65%
• Annual property tax rate (2014): $16,500
• Monthly mortgage payment (2014): $5,343.37
• Yearly mortgage (2014): $64,120
• Minimum income needed to afford $1 million home in 2014: $213,734.89

• Average property tax rate (2024): 0.59%
• Annual property tax rate (2024): $5,900
• Monthly mortgage payment (2024): $5,675.13
• Yearly mortgage (2024): $68,102
• Minimum income needed to afford $1 million home in 2024: $227,005.39

• Average property tax rate (2014): 0.71%
• Annual property tax rate (2014): $7,100
• Monthly mortgage payment (2014): $4,560.04
• Yearly mortgage (2014): $54,720
• Minimum income needed to afford $1 million home in 2014: $182,401.56

• Average property tax rate (2024): 1.93%
• Annual property tax rate (2024): $19,300
• Monthly mortgage payment (2024): $6,791.80
• Yearly mortgage (2024): $81,502
• Minimum income needed to afford $1 million home in 2024: $271,672.06

• Average property tax rate (2014): 1.99%
• Annual property tax rate (2014): $19,900
• Monthly mortgage payment (2014): $5,626.71
• Yearly mortgage (2014): $67,520
• Minimum income needed to afford $1 million home in 2014: $225,068.22

• Average property tax rate (2024): 2.23%
• Annual property tax rate (2024): $22,300
• Monthly mortgage payment (2024): $7,041.80
• Yearly mortgage (2024): $84,502
• Minimum income needed to afford $1 million home in 2024: $281,672.06

• Average property tax rate (2014): 2.11%
• Annual property tax rate (2014): $21,100
• Monthly mortgage payment (2014): $5,726.71
• Yearly mortgage (2014): $68,720
• Minimum income needed to afford $1 million home in 2014: $229,068.22

• Average property tax rate (2024): 0.67%
• Annual property tax rate (2024): $6,700
• Monthly mortgage payment (2024): $5,741.80
• Yearly mortgage (2024): $68,902
• Minimum income needed to afford $1 million home in 2024: $229,672.06

• Average property tax rate (2014): 0.66%
• Annual property tax rate (2014): $6,600
• Monthly mortgage payment (2014): $4,518.37
• Yearly mortgage (2014): $54,220
• Minimum income needed to afford $1 million home in 2014: $180,734.89

• Average property tax rate (2024): 1.40%
• Annual property tax rate (2024): $14,000
• Monthly mortgage payment (2024): $6,350.13
• Yearly mortgage (2024): $76,202
• Minimum income needed to afford $1 million home in 2024: $254,005.39

• Average property tax rate (2014): 1.38%
• Annual property tax rate (2014): $13,800
• Monthly mortgage payment (2014): $5,118.37
• Yearly mortgage (2014): $61,420
• Minimum income needed to afford $1 million home in 2014: $204,734.89

• Average property tax rate (2024): 0.82%
• Annual property tax rate (2024): $8,200
• Monthly mortgage payment (2024): $5,866.80
• Yearly mortgage (2024): $70,402
• Minimum income needed to afford $1 million home in 2024: $234,672.06

• Average property tax rate (2014): 0.84%
• Annual property tax rate (2014): $8,400
• Monthly mortgage payment (2014): $4,668.37
• Yearly mortgage (2014): $56,020
• Minimum income needed to afford $1 million home in 2014: $186,734.89

• Average property tax rate (2024): 0.98%
• Annual property tax rate (2024): $9,800
• Monthly mortgage payment (2024): $6,000.13
• Yearly mortgage (2024): $72,002
• Minimum income needed to afford $1 million home in 2024: $240,005.39

• Average property tax rate (2014): 0.95%
• Annual property tax rate (2014): $9,500
• Monthly mortgage payment (2014): $4,760.04
• Yearly mortgage (2014): $57,120
• Minimum income needed to afford $1 million home in 2014: $57,120

• Average property tax rate (2024): 1.59%
• Annual property tax rate (2024): $15,900
• Monthly mortgage payment (2024): $6,508.47
• Yearly mortgage (2024): $78,102
• Minimum income needed to afford $1 million home in 2024: $260,338.72

• Average property tax rate (2014): 1.58%
• Annual property tax rate (2014): $15,800
• Monthly mortgage payment (2014): $5,285.04
• Yearly mortgage (2014): $63,420
• Minimum income needed to afford $1 million home in 2014: $211,401.56

• Average property tax rate (2024): 0.89%
• Annual property tax rate (2024): $8,900
• Monthly mortgage payment (2024): $5,925.13
• Yearly mortgage (2024): $71,102
• Minimum income needed to afford $1 million home in 2024: $237,005.39

• Average property tax rate (2014): 0.85%
• Annual property tax rate (2014): $8,500
• Monthly mortgage payment (2014): $4,676.71
• Yearly mortgage (2014): $56,120
• Minimum income needed to afford $1 million home in 2014: $187,068.22

• Average property tax rate (2024): 0.93%
• Annual property tax rate (2024): $9,300
• Monthly mortgage payment (2024): $5,958.47
• Yearly mortgage (2024): $71,502
• Minimum income needed to afford $1 million home in 2024: $238,338.72

• Average property tax rate (2014): 1.01%
• Annual property tax rate (2014): $10,100
• Monthly mortgage payment (2014): $4,810.04
• Yearly mortgage (2014): $57,720
• Minimum income needed to afford $1 million home in 2014: $192,401.56

• Average property tax rate (2024): 1.49%
• Annual property tax rate (2024): $14,900
• Monthly mortgage payment (2024): $6,425.13
• Yearly mortgage (2024): $77,102
• Minimum income needed to afford $1 million home in 2024: $257,005.39

• Average property tax rate (2014): 1.46%
• Annual property tax rate (2014): $14,600
• Monthly mortgage payment (2014): $5,185.04
• Yearly mortgage (2014): $62,220
• Minimum income needed to afford $1 million home in 2014: $207,401.56

• Average property tax rate (2024): 1.40%
• Annual property tax rate (2024): $14,000
• Monthly mortgage payment (2024): $6,350.13
• Yearly mortgage (2024): $76,202
• Minimum income needed to afford $1 million home in 2024: $254,005.39

• Average property tax rate (2014): 1.46%
• Annual property tax rate (2014): $14,600
• Monthly mortgage payment (2014): $5,185.04
• Yearly mortgage (2014): $62,220
• Minimum income needed to afford $1 million home in 2014: $207,401.56

• Average property tax rate (2024): 0.57%
• Annual property tax rate (2024): $5,700
• Monthly mortgage payment (2024): $5,658.47
• Yearly mortgage (2024): $67,902
• Minimum income needed to afford $1 million home in 2024: $226,338.72

• Average property tax rate (2014): 0.55%
• Annual property tax rate (2014): $5,500
• Monthly mortgage payment (2014): $4,426.71
• Yearly mortgage (2014): $53,120
• Minimum income needed to afford $1 million home in 2014: $177,068.22

• Average property tax rate (2024): 1.17%
• Annual property tax rate (2024): $11,700
• Monthly mortgage payment (2024): $6,158.47
• Yearly mortgage (2024): $73,902
• Minimum income needed to afford $1 million home in 2024: $246,338.72

• Average property tax rate (2014): 1.22%
• Annual property tax rate (2014): $12,200
• Monthly mortgage payment (2014): $4,985.04
• Yearly mortgage (2014): $59,820
• Minimum income needed to afford $1 million home in 2014: $199,401.56

• Average property tax rate (2024): 0.67%
• Annual property tax rate (2024): $6,700
• Monthly mortgage payment (2024): $5,741.80
• Yearly mortgage (2024): $68,902
• Minimum income needed to afford $1 million home in 2024: $229,672.06

• Average property tax rate (2014): 0.75%
• Annual property tax rate (2014): $7,500
• Monthly mortgage payment (2014): $4,593.37
• Yearly mortgage (2014): $55,120
• Minimum income needed to afford $1 million home in 2014: $183,734.89

• Average property tax rate (2024): 1.68%
• Annual property tax rate (2024): $16,800
• Monthly mortgage payment (2024): $6,583.47
• Yearly mortgage (2024): $79,002
• Minimum income needed to afford $1 million home in 2024: $263,338.72

• Average property tax rate (2014): 1.67%
• Annual property tax rate (2014): $16,700
• Monthly mortgage payment (2014): $5,360.04
• Yearly mortgage (2014): $64,320
• Minimum income needed to afford $1 million home in 2014: $214,401.56

• Average property tax rate (2024): 0.57%
• Annual property tax rate (2024): $5,700
• Monthly mortgage payment (2024): $5,658.47
• Yearly mortgage (2024): $67,902
• Minimum income needed to afford $1 million home in 2024: $226,338.72

• Average property tax rate (2014): 0.63%
• Annual property tax rate (2014): $6,300
• Monthly mortgage payment (2014): $4,493.37
• Yearly mortgage (2014): $53,920
• Minimum income needed to afford $1 million home in 2014: $179,734.89

• Average property tax rate (2024): 1.83%
• Annual property tax rate (2024): $18,300
• Monthly mortgage payment (2024): $6,708.47
• Yearly mortgage (2024): $80,502
• Minimum income needed to afford $1 million home in 2024: $268,338.72

• Average property tax rate (2014): 1.70%
• Annual property tax rate (2014): $17,000
• Monthly mortgage payment (2014): $5,385.04
• Yearly mortgage (2014): $64,620
• Minimum income needed to afford $1 million home in 2014: $215,401.56

• Average property tax rate (2024): 0.87%
• Annual property tax rate (2024): $8,700
• Monthly mortgage payment (2024): $5,908.47
• Yearly mortgage (2024): $70,902
• Minimum income needed to afford $1 million home in 2024: $236,338.72

• Average property tax rate (2014): 0.81%
• Annual property tax rate (2014): $8,100
• Monthly mortgage payment (2014): $4,643.37
• Yearly mortgage (2014): $55,720
• Minimum income needed to afford $1 million home in 2014: $185,734.89

• Average property tax rate (2024): 0.87%
• Annual property tax rate (2024): $8,700
• Monthly mortgage payment (2024): $5,908.47
• Yearly mortgage (2024): $70,902
• Minimum income needed to afford $1 million home in 2024: $236,338.72

• Average property tax rate (2014): 0.94%
• Annual property tax rate (2014): $9,400
• Monthly mortgage payment (2014): $4,751.71
• Yearly mortgage (2014): $57,020
• Minimum income needed to afford $1 million home in 2014: $190,068.22

• Average property tax rate (2024): 0.57%
• Annual property tax rate (2024): $5,700
• Monthly mortgage payment (2024): $5,658.47
• Yearly mortgage (2024): $67,902
• Minimum income needed to afford $1 million home in 2024: $226,338.72

• Average property tax rate (2014): 0.53%
• Annual property tax rate (2014): $5,300
• Monthly mortgage payment (2014): $4,410.04
• Yearly mortgage (2014): $52,920
• Minimum income needed to afford $1 million home in 2014: $176,401.56

• Average property tax rate (2024): 1.61%
• Annual property tax rate (2024): $16,100
• Monthly mortgage payment (2024): $6,525.13
• Yearly mortgage (2024): $78,302
• Minimum income needed to afford $1 million home in 2024: $261,005.39

• Average property tax rate (2014): 1.74%
• Annual property tax rate (2014): $17,400
• Monthly mortgage payment (2014): $5,418.37
• Yearly mortgage (2014): $65,020
• Minimum income needed to afford $1 million home in 2014: $216,734.89

• Average property tax rate (2024): 0.56%
• Annual property tax rate (2024): $5,600
• Monthly mortgage payment (2024): $5,650.13
• Yearly mortgage (2024): $67,802
• Minimum income needed to afford $1 million home in 2024: $226,005.39

• Average property tax rate (2014): 0.51%
• Annual property tax rate (2014): $5,100
• Monthly mortgage payment (2014): $4,393.37
• Yearly mortgage (2014): $52,720
• Minimum income needed to afford $1 million home in 2014: $175,734.89

Methodology: For this piece, GoBankingRates found the National 30 Year Fixed Rate for a mortgage sourced from Federal Reserve Economic Research (6.74%) for 2024 and for March 2014 (4.32%). The property taxes for each state for 2024 and 2014 were also collected and sourced from the Tax Foundation. Then GOBankingRates calculated the annual mortgage cost if someone put a 20% down payment on a $1,000,000 home in both 2014 and 2024. Using the property tax as well as the calculated mortgage options, a yearly cost can be 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 $1,000,000 home mortgage assuming the yearly mortgage costs are no more than 30% of expenses. All data was collected and is up to date as of March 20, 2024.

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