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How much do you have to make to afford a 30 million-dollar home? ›

People who can afford $30M+ are people who have already accumulated a mass amount of wealth. With a 20% down payment, your monthly payment would be over 143k/month. That's over 1.72M per year. For that to be affordable, you should be earning about or over 8M annually.

Apply for a jumbo loan

These loans exceed the limits set by government-sponsored entities, making them suitable for million-dollar homes. Jumbo loans often require a strong credit score, a low debt-to-income ratio, and, typically, a higher down payment.

Here are some categories of people who might be able to afford a house at this price range: Ultra-High-Net-Worth Individuals: Individuals with significant wealth accumulated through investments, business ventures, inheritances, or other means might have the financial means to afford a multimillion-dollar property.

Home equity loans

A home equity loan and a home equity line of credit (HELOC) may help current homeowners pay for a mortgage on a million-dollar house.

On a salary of $36,000 per year, you can afford a house priced around $100,000-$110,000 with a monthly payment of just over $1,000. This assumes you have no other debts you're paying off, but also that you haven't been able to save much for a down payment.

You can generally afford a home for between $180,000 and $250,000 (perhaps nearly $300,000) on a $50K salary. But your specific home buying budget will depend on your credit score, debt-to-income ratio, and down payment size.

Those who want to buy a million-dollar home are advised to look into jumbo and super jumbo mortgages. This type of financing is specifically designed for higher-priced homes. Jumbo financing, Krebs said, offers a tailored financing option for seven-figure properties.

Ideally, you should make $208,000 or more a year to comfortably manage an $800,000 home purchase, based on the commonly used 28 percent rule (which states that you shouldn't spend more than 28 percent of your income on housing).

Nearly one-in-ten U.S. homes are now worth at least $1 million. Analysis from Redfin has found that 8.2% of homes in America were million-dollar homes as of June 2023, nearing the June 2022 peak of 8.6%.

Not only is there huge freedom in being completely debt-free and living in a paid-for house, but it's also a great way to build wealth—getting rid of your house payment leaves you with a ton of extra money each month to save for retirement. In fact, the average millionaire pays off their house in just 10.2 years.

What jobs pay $1million a year? ›

A millionaire is somebody with a net worth of at least $1 million. It's a simple math formula based on your net worth. When what you own (your assets) minus what you owe (your liabilities) equals more than a million dollars, you're a millionaire. That's it!

You should make about $200,000 annually to safely afford the mortgage and other necessary costs of owning an $800,000 home.

Billionaire financier Gary Winnick and his artist, author wife, Karen Winnick are the current owners of the 40,000 square foot, 1930s-built Casa Encantada. The estate has 60 rooms with a dining room, card room, bars and its own professional screening room.

The income required to make the payments each month will vary based on your down payment, interest rate, and other factors, but you're still likely to need an annual salary that's close to $200,000.

With a 20% down payment, you'll need to make a minimum of $1.6 million per year to afford a $10 million home. Jumbo loans tend to have stricter underwriting standards than conforming loans, so you'll need to prove you have the income to afford the payments.

Assuming a 3% interest rate, a 1% property tax rate, and a 25% down payment, a buyer could have qualified for a $1 million purchase with as little as $8,325 per month in income – or just under $100,000 per year!

So, assuming you have enough to cover that down payment plus more left over for upkeep and emergencies — and also assuming your other monthly debts don't take you over that 36 percent figure — you should be able to afford a home of $470,000 on your salary.