Full NYC Affordability Calculator
Your Financial Inputs
Borough Comparison Table
See how your affordability stacks up against each NYC borough's median home price. Based on 2026 data with 6.875% mortgage rate and 20% down.
| Borough | Median Price | Min Income Needed | Min Down (20%) | Monthly P&I |
|---|---|---|---|---|
| Bronx | $450,000 | $101,657/yr | $90,000 | $2,372 |
| Staten Island | $550,000 | $124,286/yr | $110,000 | $2,900 |
| Queens | $650,000 | $146,871/yr | $130,000 | $3,427 |
| Brooklyn | $800,000 | $180,771/yr | $160,000 | $4,218 |
| Manhattan | $1,200,000 | $271,114/yr | $240,000 | $6,326 |
How This Calculator Works
Max Home Price Calculation
The calculator applies the 28% front-end DTI rule: your gross monthly income × 28% minus any existing monthly debts equals your maximum monthly housing payment. Using the 2026 rate of 6.875% (30-year) or 6.25% (15-year), it converts that payment to a maximum loan amount. Adding your down payment gives you the maximum home price.
Max Rent Calculation
The 30% gross income rule is used for rent: annual salary ÷ 12 × 30% = max monthly rent. This is the HUD affordability standard and closely aligns with NYC's 40x rent rule (annual income ÷ 40 = max monthly rent).
Take-Home Pay Estimate
The estimated take-home is a rough estimate based on typical combined federal, New York State, and New York City income tax rates. For an accurate take-home calculation based on your exact filing status and deductions, use the main NYC Paycheck Calculator.
Note on down payment: If your savings fall short of 20% of your max home price, the calculator will flag the gap. Consider FHA loans (3.5% down), SONYMA loans, or NYC's HomeFirst $100K grant program to bridge the difference.
Frequently Asked Questions
How does the NYC affordability calculator work?
The calculator uses the 28% front-end DTI rule for buying (monthly housing costs should be at most 28% of gross monthly income) and the 30% rule for renting. It factors in your income, existing debts, down payment savings, and the 2026 mortgage rate of 6.875% to produce max home price, mortgage, and rent figures.
How much down payment do I need to buy in NYC?
Conventional loans typically require 20% down to avoid PMI. For a $650,000 Queens home, that's $130,000. FHA loans allow 3.5% down ($22,750 on a $650K home) but add mortgage insurance. NYC's HomeFirst program offers up to $100,000 in down payment assistance for qualifying first-time buyers.
What counts as monthly debt in a mortgage application?
Monthly debts include minimum credit card payments, car loans, student loans, personal loans, and any other recurring debt obligations. Lenders use total debt-to-income (back-end DTI) of 36–43% for the full picture, which includes both housing and non-housing debts.
Calculate Your NYC Take-Home Pay
Know your gross salary — see exactly what you bring home after NYC taxes.
NYC Paycheck Calculator