How Much Money Do You Have To Make To Buy A Million Dollar Home

You'd love to buy a million dollar house. Maybe you want to buy it today, or maybe you're planning ahead for a few years down the line, so you're wondering about jobs to afford a million dollar house. Here are a few jobs that will get you the house of your dreams.

jobs to afford a million dollar house

Jobs That Will Allow You to Afford a Million Dollar House

First off, it is important to know that you will need to make around $200,000 to $240,000 a year to afford a million dollar home.

So, what jobs pay you that much? Here are some that will get you to where you need to be.

These salaries are the average for the listed profession.

Medical Jobs:

Surgeon – $255,000
Anesthesiologist – $267,000
Psychiatrist – $220,000
Orthodontist – $210,000
Obstetrician – $220,000

Keep in mind, where you live will have an impact on your salary. If you live in a small, rural area, you may not make as much as you would in a larger city.

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Tech Jobs:

The salaries for tech jobs are on the high end. It is possible to make less if you are on the lower end of the scale. The location will also play a factor here as well.

Data scientist – $210,000
Android developer – $200,000
Chief information security officer – $250,000
Chief data officer – $230,000
Chief Information Officer – $285,000

Misc Jobs:

Lawyer – $210,000 ( for the top 10 percent)
CEO – $200,00 to millions

Of course, if you are great at sports or acting, you can make millions a year if you can get a break.

Owning your own business can also get you to the $200,000 salary range or even higher.

How Much Money You Will Need to Buy a $1 Million Dollar Home

As I mentioned, you will need a salary of between $200,000 and $240,000 per year to buy a million dollar home, but that's just the beginning.

You will also need really good credit, money in the bank, and not a lot of other debt.

Lenders will require 20 percent down, so that means you will need to come up with $200,000 for a downpayment.

If you do find a lender that will accept a down payment lower than 20 percent, you will then be required to purchase mortgage insurance. Mortgage insurance on a loan of this size can be as high as $10,000 and that will be on top of your mortgage payments.

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The Monthly Payments on a $1,000,000 Dollar Home

Your mortgage payment will be around $4,500 to $5,000 per month. Of course, you will also need the money to cover property taxes and insurance.

This is assuming you get a 30-year mortgage. Also, keep in mind that on a mortgage of this size you can't get a regular loan. You will be required to get what is called a jumbo loan.

Jumbo loans have stricter requirements, so you will need a credit score of at least 740, and the higher the better.

In addition, you should expect your mortgage lender to require you to have emergency funds set aside. They will typically want 6 months of emergency funds to pay the mortgage. So, that's about $30,000.

This can be in a savings account or some other asset that you can cash out if you need the money.

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Insurance and Taxes

Depending on where you live, your property tax rate can be as low as 0.18 percent and as high as 2.25 percent.

For example, if you live in New Jersey, which has the highest property tax in the United States, your million dollar house would cost you $22,500 a year for property tax.

Let's not forget insurance for your new dream home. There is a wide range for home owner's insurance based on where you live, but you should expect at least $4,000 or $5,000 per year.

So maybe you've decided buying a million dollar home isn't for you right now. Maybe renting one would be better.

Renting a Million Dollar Home

You can expect to pay around $10,000 per month to rent a million dollar home.

Depending on where the house is and the current housing market it could be a little less, but regardless, it won't be cheap.

Related Questions:

How Can I Make a Million Dollars in One Year?

If you want to buy a million dollar house, the easiest way to do so is to make a million dollars per year. Then you can work for a couple of years and pay cash for it. Or if you want a loan, you won't have any problem getting one and you can even afford a more expensive house.

So, what jobs are there that pay a million dollars per year? Check these out.

CEO of a large corporation
Partner in a large law firm
Sports star
Successful actor
Owner of a large, successful business

I imagine you see a theme here. All of these professions that pay $1,000,000 or more take a lot of success. They are certainly doable, but you're going to have to work hard to get to the top.

To Sum it All Up:

If you want to afford a million dollar house, chances are you will need a good education so you can get a job in the medical field, tech field, or practice law. You can also climb your way up that ladder at a major corporation to become a CEO after you have received your MBA.