How Much Money You Need To Make To Buy a Mansion in Every State in 2024

Laura Bogart

12 June 2024 at 1:00 pm·9-min read

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.

Check Out: 7 Locations Where Housing Prices Are Plummeting Post-Pandemic

For You: 4 Genius Things All Wealthy People Do With Their Money

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

Be Aware: Don’t Buy a House in These 3 Cities Facing a ‘Climate Change Real Estate Bubble’

Wealthy people know the best money secrets. Learn how to copy them.

Jacob Boomsma / Getty Images/iStockphoto

Alaska

5+ Bedroom 2024 Home Value: $565,010
Yearly Mortgage: $36,195.99
Minimum Salary Needed to Comfortably Afford Mansion: $140,240.31

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

Find Out: Is Barbara Corcoran Right About the Housing Market?

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

See More: Dave Ramsey: Why You Shouldn’t Pay Off Your Mortgage Early Even If You Can

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

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

Check Out: Cheapest Places To Buy a Home in Every State

Oleksii Liskonih / Getty Images/iStockphoto

Kansas

5+ Bedroom 2024 Home Value: $422,906
Yearly Mortgage: $27,092.46
Minimum Salary Needed to Comfortably Afford Mansion: $109,198.00

DenisTangneyJr / Getty Images/iStockphoto

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

Up Next: I’m a Real Estate Investor: 10 Places I Would Never Buy Property

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

Learn More: I’m a Home Staging Expert: Watch Out for These 5 Staging Red Flags When You’re Buying a Home

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

By Zeete - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=131484378 / Wikimedia Commons

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

Find Out: Housing Market 2024: 50 Most Affordable Cities for Homebuyers

ElFlacodelNorte / Getty Images/iStockphoto

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

Be Aware: 4 Reasons You Might Regret Buying a Home in Florida

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

Good To Know: 5 Midwest Cities Where You Can Buy Luxury Homes for $100,000 or Less

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

For You: Don’t Buy a House in These 10 US Cities: Growing Populations and Overcrowding

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.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: How Much Money You Need To Make To Buy a Mansion in Every State in 2024

The Independent
Victoria Beckham first slept with David ‘hours after meeting Prince Charles’
‘Thereafter, she said, Beckham was ‘a total animal’ in bed,’ the biography claims
Twentytwo13
Malaysians on tenterhooks after Johor Regent takes on Selangor Sultan in public domain
The football drama in Malaysia has reached fever-pitch, with the spotlight now on the Johor and Selangor palaces. The post Malaysians on tenterhooks after Johor Regent takes on Selangor Sultan in public domain appeared first on Twentytwo13.
The Telegraph
‘This wasn’t a debate, it was a medical emergency’: Our writers give their verdicts
Follow the latest reaction in our live blog
Cosmopolitan
Katy Perry Went Topless in Nothing But Ripped Tights and an Open Jacket at PFW
Katy Perry went topless in nothing but ripped tights and an open jacket during Paris Fashion Week.
The Independent
‘Panic mode’ Democrats begin calling for Biden to step aside after ‘horrible’ debate performance against Trump
‘Need to have Harris take over. Cleanest option,’ one Democrat strategist told The Independent
The Independent
Boy, 14, was held down and hacked to death at Wyoming mall while he tried to protect his girlfriend
Dominique Antonio Richard Harris and Jarreth Plunkett, both 15, are accused of murdering 14-year-old Bobby Maher during fatal attack
Associated Press
Indonesia detains 103 Taiwanese in a raid in Bali involving suspected cybercrime
Indonesian immigration authorities have detained 103 Taiwanese people after a raid at a villa on the resort island of Bali, officials said Friday. Godam said Indonesian authorities cannot charged them with conducting cybercrime.
AFP News
As ice melts, Everest's 'death zone' gives up its ghosts
On Everest's sacred slopes, climate change is thinning snow and ice, increasingly exposing the bodies of hundreds of mountaineers who died chasing their dream to summit the world's highest mountain.Sherpa said that bringing one body down from close to Lhotse's 8,516 metre peak -- the world's fourth-highest mountain -- had been among the hardest challenges so far.
Associated Press Videos
Three bodies found inside crater at summit of Mount Fuji
Three bodies were found at the summit of Mount Fuji, Japan’s most famous mountain. One of the bodies had been brought down from the slopes but efforts to bring back the two other bodies were set to continue Friday or later, according to officials after a search was called off for Thursday because of forecasts for heavy rainfall.
SETHLUI.COM
4 hours to heaven: 10 short trips to take from Singapore
The post 4 hours to heaven: 10 short trips to take from Singapore appeared first on SETHLUI.com.
The Telegraph
South Korea is running out of children – and this country could be next
Every spring, when warm rays of sunshine herald the start of South Korea’s baking summer, fountains across Seoul’s central Gwanghwamun plaza suddenly burst into life, sending cooling jets of water into the air.
CNN
China expels two former defense ministers from Communist Party as military purge deepens
China on Thursday expelled its former Defense Minister Li Shangfu from the ruling Communist Party over corruption allegations, state broadcaster CCTV reported, eight months after he was dramatically removed from the post.
The Independent
‘I really don’t know what he said – and I don’t think he does either’: Trump pulls no punches as Biden struggles in debate
The first debate began with Biden spluttering and tripping over his own words, while Trump rambled
INSIDER
China says it picked up a submarine detector dropped by a US Navy aircraft in the South China Sea
A video shared by Chinese state media shows a US Navy plane dropping something into the sea. China called it a submarine detector.
SETHLUI.COM
Owners of private diner with 2 years waitlist open curry mee stall at Havelock Food Centre
The post Owners of private diner with 2 years waitlist open curry mee stall at Havelock Food Centre appeared first on SETHLUI.com.
BBC
China honours woman who died saving Japanese family
Hu Youping, a bus attendant, tried to restrain an assailant at a bus stop outside a Japanese school.
Hello!
Rita Ora has coined it an itsy bitsy bikini summer once again
Rita Ora just made a case for heatwave dressing in a skimpy bikini. See photos
Associated Press Finance
China calls on scientists of all nations to study lunar samples, but notes obstacle with the US
China's space officials said Thursday they welcomed scientists from around the world to apply to study the lunar rock samples that the Chang'e 6 probe brought back to Earth in a historic mission, but noted there were limits to that cooperation, specifically with the United States. Officials said at a televised news conference in Beijing meant to introduce the mission's achievements that any cooperation with the U.S. would be hinged on removing an American law that bans direct bilateral cooperation with NASA. "The source of the obstacle in US-China aerospace cooperation is still in the Wolf Amendment,” said Bian Zhigang, vice chair of the China National Space Administration.
The Independent
Bill Gates’ daughter Jennifer is pregnant with second child
Gates is already mother to one-year-old daughter Leila
INSIDER
US stockpiles of the rare earth minerals it would need to fight a war against an adversary like China are a mystery, and experts warn it's a problem
Whether the US rare earth minerals stockpile is ready for an emergency is shrouded in mystery, but there are indications it isn't.