Shopping for a home? $1 million can get you a mansion or a single-family house, depending on location. In Los Angeles, the average home costs $1.1 million, while in Chicago, it’s under $375,000. Mortgage lenders follow rules like the 28/36 rule, which limits housing costs to 28% of pretax income. With a 20% down payment, a 30-year loan term, and a 6.5% interest rate, a $1 million home requires a $5,057 monthly payment. To afford a $1 million home, consider your salary, debts, and ratios. Jumbo loans are often needed for homes over $806,500 in most areas.

Read more at Yahoo Finance: Here’s the salary you need to afford a $1 million home