Perhaps it meant to say that one needs a $303k/yr salary to support a $1.2M mortgage (i.e. the loan on a $1.5M house after a 20% downpayment). At an interest rate of 3.5%, that's about $5400/month. A $303k salary is maybe about right for that, considering taxes (income and property), insurance, private schools/daycare and things like "food". Wow, this can't go on.