REVEALED: How Much Money You Really Need To Buy a Luxury Home In Every State

by Joy Dumandan

Luxury often comes at a very steep price—but in the housing market, that price can vary dramatically, according to new Realtor.com® data, which reveals exactly how much you need to pay in every region across the U.S. to afford a high-end home.

For example, if you want to live in the lap of luxury in New York, you can expect to pay an average of $5.49 million for a home that meets that criteria, which would require a minimum annual salary of $1.15 million.

However, in West Virginia, a “luxury” home will cost you just $750,000—and require an annual salary of just $158,000.

“The cost to purchase a luxury home varies greatly across the U.S. In New York and Hawaii, a luxury home will cost you upward of $5 million, while in lower-priced states such as West Virginia, Iowa, Indiana, and Mississippi, the luxury price threshold is less than $800,000,” explains Realtor.com senior economic research analyst Hannah Jones.

To ascertain the true price of a luxury home in each state, Realtor.com economists examined the top 5% of homes (by price) that are on the market and then determined the average cost of the properties within that group.

They then found the minimum salary needed to afford a mortgage for a home of that price at the current rate of 6.89% with a 20% down payment, when applying the 30% rule.

“The definition of luxury varies greatly across the country, but to allow for comparison, we consider luxury to be the top 5% of the market by price,” Jones notes.

So what, exactly, does a luxury home look like in every state?

If you’re looking in the luxury price range in West Virginia, this $874,000 home with views of the Blue Ridge Mountains is for sale. This single-family home has four bedrooms, 4.5 baths, and a three-car garage. Its 1.27 acres include a heated pool and a hot tub.

Another West Virginia property with six bedrooms and four baths in 5,700 square feet of living space is on the market for $2,195,000. It comes with 140 acres, which include fruit trees, berry bushes, springs, ponds, and sweeping mountain views.

On the other end of the spectrum is New York, the most expensive state. Depending on the region, you’ll find a variety of luxury homes.

For $5,490,000, you can own a six-bedroom, six-bath, 4,375-square-foot condo on Manhattan’s Upper West Side. This doorman residence has Hudson River views, a chef’s kitchen, and marble flooring and baths.

On Long Island, a $5,490,000 seven-bedroom, 7.5-bath estate measuring 10,800 square feet is on offer. The home has 10-foot ceilings throughout, two kitchens, and custom closets.

Not to be outdone, our nation’s capital is in the top 10 when it comes to luxury. In Washington, DC, the January 2025 luxury price threshold (95th percentile) is $3,023,875. With a 20% down payment, a homeowner would be shelling out about $15,916 a month, excluding tax and insurance. Potential buyers would need a minimum recommended household income of $636,641 a year.

Alabama

January 2025 luxury price threshold (95th percentile): $1,000,265
Monthly payment, excluding tax and insurance: $5,265
Minimum recommended household income: $210,594

This 5,000-square-foot waterfront home in Jasper, AL, is listed for $1,490,000.
(MLS/Realtor.com)

Alaska

January 2025 luxury price threshold (95th percentile): $1,149,838
Monthly payment, excluding tax and insurance: $6,052
Minimum recommended household income: $242,085

Arizona

January 2025 luxury price threshold (95th percentile): $2,096,414
Monthly payment, excluding tax and insurance: $11,034
Minimum recommended household income: $441,375

Arkansas

January 2025 luxury price threshold (95th percentile): $965,022
Monthly payment, excluding tax and insurance: $5,079
Minimum recommended household income: $203,174

California

January 2025 luxury price threshold (95th percentile): $4,045,290
Monthly payment, excluding tax and insurance: $21,292
Minimum recommended household income: $851,687

This historic Italianate Victorian home in San Francisco, CA, is listed for $4,495,000 and features an impressive 800-bottle wine room.
(SFARMLS/Realtor.com)

Colorado

January 2025 luxury price threshold (95th percentile): $3,337,108
Monthly payment, excluding tax and insurance: $17,565
Minimum recommended household income: $702,588

Connecticut

January 2025 luxury price threshold (95th percentile): $3,605,344
Monthly payment, excluding tax and insurance: $18,977
Minimum recommended household income: $759,062

This six-bedroom, 7.5-bathroom home in New Canaan, CT, offers 9,395 square feet of living space and is listed for $3,895,000.
(MLS/Realtor.com)

Delaware

January 2025 luxury price threshold (95th percentile): $1,278,526
Monthly payment, excluding tax and insurance: $6,729
Minimum recommended household income: $269,178

Florida

January 2025 luxury price threshold (95th percentile): $2,665,456
Monthly payment, excluding tax and insurance: $14,029
Minimum recommended household income: $561,180

A prime lakefront home in the exclusive Mediterra community in Naples, FL, is listed for $2,675,000.
(MLS/Realtor.com)

Georgia

January 2025 luxury price threshold (95th percentile): $1,348,572
Monthly payment, excluding tax and insurance: $7,098
Minimum recommended household income: $283,926

Hawaii

January 2025 luxury price threshold (95th percentile): $5,257,761
Monthly payment, excluding tax and insurance: $27,674
Minimum recommended household income: $1,106,959

Listed for $5,700,000, this new-construction condo in Honolulu, HI, features views of Diamond Head, Ala Moana Beach Park, and the Pacific Ocean.
(HiCentralMLS/Realtor.com)

Idaho

January 2025 luxury price threshold (95th percentile): $2,503,317
Monthly payment, excluding tax and insurance: $13,176
Minimum recommended household income: $527,043

Illinois

January 2025 luxury price threshold (95th percentile): $1,221,721
Monthly payment, excluding tax and insurance: $6,430
Minimum recommended household income: $257,219

Indiana

January 2025 luxury price threshold (95th percentile): $776,229
Monthly payment, excluding tax and insurance: $4,086
Minimum recommended household income: $163,426

Iowa

January 2025 luxury price threshold (95th percentile): $749,945
Monthly payment, excluding tax and insurance: $3,947
Minimum recommended household income: $157,892

Kansas

January 2025 luxury price threshold (95th percentile): $899,343
Monthly payment, excluding tax and insurance: $4,734
Minimum recommended household income: $189,346

Located in Overland Park, KS, this seven-bedroom, 7.5-bathroom home is listed for $1,995,000.
(MLS/Realtor.com)

Kentucky

January 2025 luxury price threshold (95th percentile): $824,401
Monthly payment, excluding tax and insurance: $4,339
Minimum recommended household income: $173,568

Louisiana

January 2025 luxury price threshold (95th percentile): $895,056
Monthly payment, excluding tax and insurance: $4,711
Minimum recommended household income: $188,443

Maine

January 2025 luxury price threshold (95th percentile): $1,799,813
Monthly payment, excluding tax and insurance: $9,473
Minimum recommended household income: $378,929

Built in 1869, this Portland, ME, home has been meticulously restored and is listed for $1,495,000.
(MLS/Realtor.com)

Maryland

January 2025 luxury price threshold (95th percentile): $1,299,121
Monthly payment, excluding tax and insurance: $6,838
Minimum recommended household income: $273,514

Massachusetts

January 2025 luxury price threshold (95th percentile): $4,097,500
Monthly payment, excluding tax and insurance: $21,567
Minimum recommended household income: $862,680

Situated on the 56th floor of the Millennium Residences at Winthrop Center in Boston, MA, this condo features views of Boston Harbor and is listed for $4,600,000.
(MLS/Realtor.com)

Michigan

January 2025 luxury price threshold (95th percentile): $1,041,721
Monthly payment, excluding tax and insurance: $5,483
Minimum recommended household income: $219,322

Minnesota

January 2025 luxury price threshold (95th percentile): $1,295,648
Monthly payment, excluding tax and insurance: $6,820
Minimum recommended household income: $272,783

Mississippi

January 2025 luxury price threshold (95th percentile): $795,405
Monthly payment, excluding tax and insurance: $4,187
Minimum recommended household income: $167,463

In Gulfport, MS, this 4,000-square-foot home is listed for $899,000 and features water views from the second-story balcony, just a golf cart ride from Bayou Bluff Tennis Club.
(MLS United LLC/Realtor.com)

Missouri

January 2025 luxury price threshold (95th percentile): $913,737
Monthly payment, excluding tax and insurance: $4,809
Minimum recommended household income: $192,376

Montana

January 2025 luxury price threshold (95th percentile): $3,543,333
Monthly payment, excluding tax and insurance: $18,650
Minimum recommended household income: $746,006

Nebraska

January 2025 luxury price threshold (95th percentile): $854,563
Monthly payment, excluding tax and insurance: $4,498
Minimum recommended household income: $179,918

Nevada

January 2025 luxury price threshold (95th percentile): $2,387,824
Monthly payment, excluding tax and insurance: $12,568
Minimum recommended household income: $502,728

New Hampshire

January 2025 luxury price threshold (95th percentile): $1,700,453
Monthly payment, excluding tax and insurance: $8,950
Minimum recommended household income: $358,010

Listed for $1,099,000, this Colonial Victorian spans almost 5,000 square feet.
(MLS/Realtor.com)

New Jersey

January 2025 luxury price threshold (95th percentile): $2,593,534
Monthly payment, excluding tax and insurance: $13,651
Minimum recommended household income: $546,038

New Mexico

January 2025 luxury price threshold (95th percentile): $1,484,889
Monthly payment, excluding tax and insurance: $7,816
Minimum recommended household income: $312,626

New York

January 2025 luxury price threshold (95th percentile): $5,488,510
Monthly payment, excluding tax and insurance: $28,889
Minimum recommended household income: $1,155,540

This historic townhouse is listed for $5,800,000 and was once the home of 19th-century actress Clara Louise Thompson.
(MLS/Realtor.com)

North Carolina

January 2025 luxury price threshold (95th percentile): $1,472,359
Monthly payment, excluding tax and insurance: $7,750
Minimum recommended household income: $309,988

North Dakota

January 2025 luxury price threshold (95th percentile): $929,250
Monthly payment, excluding tax and insurance: $4,891
Minimum recommended household income: $195,642

Ohio

January 2025 luxury price threshold (95th percentile): $848,210
Monthly payment, excluding tax and insurance: $4,465
Minimum recommended household income: $178,580

Oklahoma

January 2025 luxury price threshold (95th percentile): $949,154
Monthly payment, excluding tax and insurance: $4,996
Minimum recommended household income: $199,833

Oregon

January 2025 luxury price threshold (95th percentile): $1,782,536
Monthly payment, excluding tax and insurance: $9,382
Minimum recommended household income: $375,292

Built in 1911, the Samuel Cobb home in Portland, OR, is listed on the National Register of Historic Places and is on the market for $2,995,000.
(MLS/Realtor.com)

Pennsylvania

January 2025 luxury price threshold (95th percentile): $1,142,884
Monthly payment, excluding tax and insurance: $6,016
Minimum recommended household income: $240,621

Rhode Island

January 2025 luxury price threshold (95th percentile): $2,995,000
Monthly payment, excluding tax and insurance: $15,764
Minimum recommended household income: $630,561

South Carolina

January 2025 luxury price threshold (95th percentile): $1,453,195
Monthly payment, excluding tax and insurance: $7,649
Minimum recommended household income: $305,953

South Dakota

January 2025 luxury price threshold (95th percentile): $1,292,525
Monthly payment, excluding tax and insurance: $6,803
Minimum recommended household income: $272,126

Tennessee

January 2025 luxury price threshold (95th percentile): $1,499,997
Monthly payment, excluding tax and insurance: $7,895
Minimum recommended household income: $315,806

Texas

January 2025 luxury price threshold (95th percentile): $1,249,942
Monthly payment, excluding tax and insurance: $6,579
Minimum recommended household income: $263,160

This three-bedroom, 4.5-bathroom home in Austin, TX, with 2,993 square feet of living space and stunning hill country views is listed for $2,450,000.
(MLS/Realtor.com)

Utah

January 2025 luxury price threshold (95th percentile): $2,918,795
Monthly payment, excluding tax and insurance: $15,363
Minimum recommended household income: $614,517

Vermont

January 2025 luxury price threshold (95th percentile): $2,660,625
Monthly payment, excluding tax and insurance: $14,004
Minimum recommended household income: $560,163

Virginia

January 2025 luxury price threshold (95th percentile): $1,579,387
Monthly payment, excluding tax and insurance: $8,313
Minimum recommended household income: $332,521

Washington

January 2025 luxury price threshold (95th percentile): $1,982,245
Monthly payment, excluding tax and insurance: $10,433
Minimum recommended household income: $417,338

West Virginia

January 2025 luxury price threshold (95th percentile): $749,648
Monthly payment, excluding tax and insurance: $3,946
Minimum recommended household income: $157,829

Located in Wolfcreek, WV, this six-bedroom property spans 140 acres and is listed for $2,195,000.
(MLS/Realtor.com)

Wisconsin

January 2025 luxury price threshold (95th percentile): $1,093,312
Monthly payment, excluding tax and insurance: $5,755
Minimum recommended household income: $230,184

Wyoming

January 2025 luxury price threshold (95th percentile): $4,214,250
Monthly payment, excluding tax and insurance: $22,181
Minimum recommended household income: $887,260