How Much Money You Need To Make To Buy a Mansion in Every State in 2024
For many Americans, living in a mansion is the epitome of success. Many people grew up watching “Lifestyles of the Rich and Famous” or even “MTV Cribs,” dreaming of when they could own a palatial space with a spiral staircase, enough rooms for all their friends and family, a massive pool, and, of course, a garage big enough to hold your sweet rides.
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You might think that there’s a set amount everyone needs to take the keys to a mansion. However, the price of a mansion house — defined here as having 5+ bedrooms — depends heavily on the state that you live in or want to move to. GOBankingRates broke down the costs associated with buying a mansion in every state, as well as the District of Columbia.
When you’re done here, check out the cost of living in every state.
Alabama
5+ Bedroom 2024 Home Value: $516,613
Yearly Mortgage: $33,095.53
Minimum Salary Needed to Comfortably Afford Mansion: $117,206.61
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Alaska
5+ Bedroom 2024 Home Value: $565,010
Yearly Mortgage: $36,195.99
Minimum Salary Needed to Comfortably Afford Mansion: $140,240.31
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Arizona
5+ Bedroom 2024 Home Value: $717,201
Yearly Mortgage: $45,945.77
Minimum Salary Needed to Comfortably Afford Mansion: $168,213.78
Arkansas
5+ Bedroom 2024 Home Value: $515,890
Yearly Mortgage: $33,049.24
Minimum Salary Needed to Comfortably Afford Mansion: $121,169.79
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California
5+ Bedroom 2024 Home Value: $1,275,865
Yearly Mortgage: $81,735.21
Minimum Salary Needed to Comfortably Afford Mansion: $304,347.31
Colorado
5+ Bedroom 2024 Home Value: $793,397
Yearly Mortgage: $50,827.04
Minimum Salary Needed to Comfortably Afford Mansion: $183,969.09
Connecticut
5+ Bedroom 2024 Home Value: $903,221
Yearly Mortgage: $57,862.67
Minimum Salary Needed to Comfortably Afford Mansion: $246,767.75
Delaware
5+ Bedroom 2024 Home Value: $662,439
Yearly Mortgage: $42,437.52
Minimum Salary Needed to Comfortably Afford Mansion: $154,927.97
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District of Columbia
5+ Bedroom 2024 Home Value: $1,684,043
Yearly Mortgage: $107,884.14
Minimum Salary Needed to Comfortably Afford Mansion: $394,417.34
Florida
5+ Bedroom 2024 Home Value: $792,835
Yearly Mortgage: $50,791.03
Minimum Salary Needed to Comfortably Afford Mansion: $193,352.76
Georgia
5+ Bedroom 2024 Home Value: $595,640
Yearly Mortgage: $38,158.25
Minimum Salary Needed to Comfortably Afford Mansion: $145,460.49
Hawaii
5+ Bedroom 2024 Home Value: $1,296,029
Yearly Mortgage: $83,026.98
Minimum Salary Needed to Comfortably Afford Mansion: $290,580.90
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Idaho
5+ Bedroom 2024 Home Value: $589,189
Yearly Mortgage: $37,744.98
Minimum Salary Needed to Comfortably Afford Mansion: $138,975.15
Illinois
5+ Bedroom 2024 Home Value: $518,952
Yearly Mortgage: $33,245.42
Minimum Salary Needed to Comfortably Afford Mansion: $146,798.77
Indiana
5+ Bedroom 2024 Home Value: $462,479
Yearly Mortgage: $29,627.61
Minimum Salary Needed to Comfortably Afford Mansion: $111,708.12
Iowa
5+ Bedroom 2024 Home Value: $420,447
Yearly Mortgage: $26,934.92
Minimum Salary Needed to Comfortably Afford Mansion: $111,085.71
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Kansas
5+ Bedroom 2024 Home Value: $422,906
Yearly Mortgage: $27,092.46
Minimum Salary Needed to Comfortably Afford Mansion: $109,198.00
Kentucky
5+ Bedroom 2024 Home Value: $465,327
Yearly Mortgage: $29,810.06
Minimum Salary Needed to Comfortably Afford Mansion: $112,240.92
Louisiana
5+ Bedroom 2024 Home Value: $442,193
Yearly Mortgage: $28,328.03
Minimum Salary Needed to Comfortably Afford Mansion: $102,681.04
Maine
5+ Bedroom 2024 Home Value: $619,967
Yearly Mortgage: $39,716.71
Minimum Salary Needed to Comfortably Afford Mansion: $158,014.35
Maryland
5+ Bedroom 2024 Home Value: $717,041
Yearly Mortgage: $45,935.49
Minimum Salary Needed to Comfortably Afford Mansion: $178,214.73
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Massachusetts
5+ Bedroom 2024 Home Value: $1,121,529
Yearly Mortgage: $71,848.03
Minimum Salary Needed to Comfortably Afford Mansion: $282,111.52
Michigan
5+ Bedroom 2024 Home Value: $460,380
Yearly Mortgage: $29,493.14
Minimum Salary Needed to Comfortably Afford Mansion: $119,487.94
Minnesota
5+ Bedroom 2024 Home Value: $536,938
Yearly Mortgage: $34,397.62
Minimum Salary Needed to Comfortably Afford Mansion: $134,525.42
Mississippi
5+ Bedroom 2024 Home Value: $422,486
Yearly Mortgage: $27,065.57
Minimum Salary Needed to Comfortably Afford Mansion: $99,654.10
Missouri
5+ Bedroom 2024 Home Value: $482,590
Yearly Mortgage: $30,915.94
Minimum Salary Needed to Comfortably Afford Mansion: $119,300.33
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Montana
5+ Bedroom 2024 Home Value: $634,364
Yearly Mortgage: $40,638.97
Minimum Salary Needed to Comfortably Afford Mansion: $151,110.86
Nebraska
5+ Bedroom 2024 Home Value: $438,174
Yearly Mortgage: $28,070.56
Minimum Salary Needed to Comfortably Afford Mansion: $117,376.00
Nevada
5+ Bedroom 2024 Home Value: $661,334
Yearly Mortgage: $42,366.76
Minimum Salary Needed to Comfortably Afford Mansion: $154,228.78
New Hampshire
5+ Bedroom 2024 Home Value: $723,475
Yearly Mortgage: $46,347.66
Minimum Salary Needed to Comfortably Afford Mansion: $201,035.77
New Jersey
5+ Bedroom 2024 Home Value: $1,038,972
Yearly Mortgage: $66,559.24
Minimum Salary Needed to Comfortably Afford Mansion: $299,094.39
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New Mexico
5+ Bedroom 2024 Home Value: $530,002
Yearly Mortgage: $33,953.27
Minimum Salary Needed to Comfortably Afford Mansion: $125,014.26
New York
5+ Bedroom 2024 Home Value: $757,954
Yearly Mortgage: $48,556.46
Minimum Salary Needed to Comfortably Afford Mansion: $197,226.04
North Carolina
5+ Bedroom 2024 Home Value: $691,601
Yearly Mortgage: $44,305.76
Minimum Salary Needed to Comfortably Afford Mansion: $166,589.64
North Dakota
5+ Bedroom 2024 Home Value: $423,683
Yearly Mortgage: $27,142.20
Minimum Salary Needed to Comfortably Afford Mansion: $104,314.28
Ohio
5+ Bedroom 2024 Home Value: $431,977
Yearly Mortgage: $27,673.57
Minimum Salary Needed to Comfortably Afford Mansion: $115,140.01
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Oklahoma
5+ Bedroom 2024 Home Value: $463,854
Yearly Mortgage: $29,715.67
Minimum Salary Needed to Comfortably Afford Mansion: $112,813.22
Oregon
5+ Bedroom 2024 Home Value: $751,449
Yearly Mortgage: $48,139.75
Minimum Salary Needed to Comfortably Afford Mansion: $183,760.76
Pennsylvania
5+ Bedroom 2024 Home Value: $490,919
Yearly Mortgage: $31,449.54
Minimum Salary Needed to Comfortably Afford Mansion: $129,214.09
Rhode Island
5+ Bedroom 2024 Home Value: $775,953
Yearly Mortgage: $49,709.57
Minimum Salary Needed to Comfortably Afford Mansion: $201,909.71
South Carolina
5+ Bedroom 2024 Home Value: $555,380
Yearly Mortgage: $35,579.10
Minimum Salary Needed to Comfortably Afford Mansion: $129,149.24
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South Dakota
5+ Bedroom 2024 Home Value: $485,491
Yearly Mortgage: $31,101.79
Minimum Salary Needed to Comfortably Afford Mansion: $122,606.77
Tennessee
5+ Bedroom 2024 Home Value: $650,497
Yearly Mortgage: $41,672.50
Minimum Salary Needed to Comfortably Afford Mansion: $153,436.10
Texas
5+ Bedroom 2024 Home Value: $629,677
Yearly Mortgage: $40,338.73
Minimum Salary Needed to Comfortably Afford Mansion: $169,724.36
Utah
5+ Bedroom 2024 Home Value: $686,466
Yearly Mortgage: $43,976.81
Minimum Salary Needed to Comfortably Afford Mansion: $159,632.23
Vermont
5+ Bedroom 2024 Home Value: $593,253
Yearly Mortgage: $38,005.30
Minimum Salary Needed to Comfortably Afford Mansion: $162,872.74
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Virginia
5+ Bedroom 2024 Home Value: $793,798
Yearly Mortgage: $50,852.76
Minimum Salary Needed to Comfortably Afford Mansion: $192,529.33
Washington
5+ Bedroom 2024 Home Value: $898,150
Yearly Mortgage: $57,537.83
Minimum Salary Needed to Comfortably Afford Mansion: $217,839.13
West Virginia
5+ Bedroom 2024 Home Value: $331,971
Yearly Mortgage: $21,266.92
Minimum Salary Needed to Comfortably Afford Mansion: $77,197.19
Wisconsin
5+ Bedroom 2024 Home Value: $436,321
Yearly Mortgage: $27,951.87
Minimum Salary Needed to Comfortably Afford Mansion: $116,588.81
Wyoming
5+ Bedroom 2024 Home Value: $497,736
Yearly Mortgage: $31,886.26
Minimum Salary Needed to Comfortably Afford Mansion: $115,578.62
Methodology: For this piece, GOBankingRates looked at every state’s 2024 typical home value for 5+ bedroom homes as sourced from Zillow’s April 2024 data. With these figures found, GOBankingRates then found the monthly and yearly mortgage costs by assuming a 30-year fixed rate mortgage with a fixed rate of 7.03% as sourced from Freddie Mac on May 30, 2024. GOBankingRates then found each state’s average property tax rate as sourced from Tax Foundation and then calculated total yearly housing costs of both a yearly mortgage and property tax. GOBankingRates then found the minimum salary needed to afford a mansion in every state by assuming one would not want to spend more than 30% of gross income on housing. All data is collected and up-to-date as of June 4, 2024.
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This article originally appeared on GOBankingRates.com: How Much Money You Need To Make To Buy a Mansion in Every State in 2024