Is $1 million expensive for a home?

In general, yes. Across the United States, the median home sale price is a bit above $400,000, so $1 million is more than twice that. However, in high-cost-of-living areas, a $1 million home is probably not such an outlier as elsewhere.

Can I afford a $1 million home on a $100,000 salary?

While how much house you can afford depends on factors beyond just your salary, such as how large a down payment you can afford to make from your savings or perhaps with the assistance of family, it's unlikely that someone earning $100,000 per year can afford a $1 million home. Based on some rough estimates, a salary of $250,000 puts you in a more realistic place to buy a $1 million house.

How much home can I afford with $25,000 down?

While this depends on factors such as how much debt you're carrying and what your income is, some quick math puts $25,000 at 5% of $500,000. As 5% is typically the minimum required down payment to get a conventional mortgage, it's probably safe to say you should look for a house under $500,000 if you're putting $25,000 down.

We have independently evaluated the products and services below. We may earn affiliate revenue from links in the content.

Personal FinanceReal Estate

Here’s how much you need to make to afford a $1 million house today

BYGlen Luke Flanagan