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

Heather Taylor
matthewleesdixon / Getty Images/iStockphoto
matthewleesdixon / Getty Images/iStockphoto

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.

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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.

Michael Warren / Getty Images
Michael Warren / Getty Images

Alabama

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

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Rocky Grimes / Getty Images/iStockphoto
Rocky Grimes / Getty Images/iStockphoto

Alaska

  • 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

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Arizona

  • 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

Arkansas

  • 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

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California

  • 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

Colorado

  • 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

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Connecticut

  • 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

Delaware

  • 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

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Florida

  • 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

Georgia

  • 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

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Hawaii

  • 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

Idaho

  • 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

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Illinois

  • 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

Indiana

  • 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

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Iowa

  • 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

Kansas

  • 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

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Kentucky

  • 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

Louisiana

  • 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

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Maine

  • 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

Maryland

  • 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

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Massachusetts

  • 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

Michigan

  • 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

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Minnesota

  • 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

Mississippi

  • 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

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Missouri

  • 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

Montana

  • 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

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Nebraska

  • 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

Nevada

  • 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

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New Hampshire

  • 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

New Jersey

  • 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

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New Mexico

  • 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

New York

  • 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

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North Carolina

  • 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

North Dakota

  • 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

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Ohio

  • 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

Oklahoma

  • 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

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Oregon

  • 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

Pennsylvania

  • 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

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Rhode Island

  • 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

South Carolina

  • 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

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South Dakota

  • 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

Tennessee

  • 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

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Texas

  • 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

Utah

  • 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

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Vermont

  • 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

Virginia

  • 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

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Washington

  • 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

West Virginia

  • 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

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Wisconsin

  • 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

Wyoming

  • 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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This article originally appeared on GOBankingRates.com: 2024 vs. 2014: Income Needed To Afford a Million-Dollar Home in Every State

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