You are using an older browser version. Please use a supported version for the best MSN experience.

How Much You Need To Own a Mansion in Every State

GOBankingRates Logo By John Csiszar of GOBankingRates | Slide 1 of 53: If you’re earning a sizable paycheck, you probably already make enough to pay for the average home in your state. But, how much would it cost to afford something bigger? Could you buy any of the million-dollar mansions that you fantasize about?
GOBankingRates examined the costs of owning a mansion between 5,000 and 8,000 square feet in all 50 states and Washington, D.C., along with how much a worker would need to earn to pay for these lavish homes. For the purposes of this study, GOBankingRates used the after-tax income needed to comfortably pay for a mortgage, utilities and property taxes, assuming a 30-year fixed-rate mortgage with an interest rate of 4.17%, sourced from the Federal Reserve Bank of St. Louis on April 18, 2019. The after-tax income doesn’t include the 20% down payment that buyers will have to pay upfront. 
For nearly every state, you’ll need to take home more than $100,000 annually to afford a mansion of 5,000 square feet or more. If you’re a high earner — or you just want to look — find out the salary you need to afford your dream home.

How much you need to own a mansion in every state

If you’re earning a sizable paycheck, you probably already make enough to pay for the average home in your state. But, how much would it cost to afford something bigger? Could you buy any of the million-dollar mansions that you fantasize about?

GOBankingRates examined the costs of owning a mansion between 5,000 and 8,000 square feet in all 50 states and Washington, D.C., along with how much a worker would need to earn to pay for these lavish homes. For the purposes of this study, GOBankingRates used the after-tax income needed to comfortably pay for a mortgage, utilities and property taxes, assuming a 30-year fixed-rate mortgage with an interest rate of 4.17%, sourced from the Federal Reserve Bank of St. Louis on April 18, 2019. The after-tax income doesn’t include the 20% down payment that buyers will have to pay upfront. 

For nearly every state, you’ll need to take home more than $100,000 annually to afford a mansion of 5,000 square feet or more. If you’re a high earner — or you just want to look — find out the salary you need to afford your dream home. Click or swipe through to see the full list.

© Shutterstock.com

More from GOBankingRates

GOBankingRates
GOBankingRates
image beaconimage beaconimage beacon