T
hinking of splurging on a $1 million home? While it may seem like a luxurious dream, the reality is that you can still get a lot of house for your money in most parts of the US. The median home sale price is just $419,200. However, before you start envisioning your perfect kitchen or backyard paradise, consider what kind of salary you'll need to afford that price tag without breaking a sweat.

    To break down the numbers, GOBankingRates spoke with Brett Iwanowicz, founder and CEO of Brett Buys Roc Houses. According to Iwanowicz, buying a $1 million home depends on several factors, including personal income levels, debt-to-income ratio, down payment requirements, interest rates, and total financial responsibilities.

    To give you an idea of what salary you'll need, let's consider the following: making a 20% down payment ($200,000) on a $1 million home will leave you with an $800,000 loan. With a 30-year fixed mortgage at 6% interest, your monthly principal and interest payment would be around $4,800.

    However, this calculation doesn't include other costs like property taxes, homeowners insurance, and HOA fees. Annual property tax rates typically range from 1% to 2% of the home's total value, so a $1 million home could require $10,000 to $20,000 in annual property taxes – or around $833 to $1,667 per month.

    To comfortably afford a $1 million home, you'll need to consider these costs and factor them into your salary requirements.