In order to buy a million dollar house how much do you need to make?

Answer 1

To buy a million-dollar house, a common guideline is that your annual income should be at least three times the purchase price, meaning you'd need to earn around $300,000 per year. Additionally, lenders typically expect that your monthly housing costs (including mortgage, taxes, and insurance) should not exceed 28-30% of your gross monthly income. Therefore, maintaining a high credit score and a manageable debt-to-income ratio is crucial for securing a mortgage for such a property.