NYC Home Affordability Calculator
What Each Income Level Affords in Each Borough
Using the 28% rule, 20% down payment, and today's 6.875% rate, here's where different income levels can actually buy in NYC:
| Annual Income | Max Price | Manhattan | Brooklyn | Queens | Bronx | Staten Island |
|---|---|---|---|---|---|---|
| $80,000 | $354K | No | No | No | Possible | No |
| $100,000 | $443K | No | No | No | Yes (median) | No |
| $120,000 | $531K | No | No | No | Above median | No |
| $150,000 | $664K | No | Entry level | Below median | Above median | Above median |
| $200,000 | $885K | No | Above median | Above median | Well above | Well above |
| $250,000 | $1.1M | Below median | Well above | Well above | Well above | Well above |
| $300,000 | $1.33M | Above median | Well above | Well above | Well above | Well above |
| $400,000 | $1.77M | Well above | Well above | Well above | Well above | Well above |
Borough medians for reference (2026): Manhattan $1,200,000 · Brooklyn $800,000 · Queens $650,000 · Staten Island $550,000 · Bronx $450,000
How This Calculator Works
The NYC Home Affordability Calculator uses two industry-standard guidelines to determine your maximum home price:
28% Front-End Rule
Your monthly housing costs — principal, interest, property taxes, and insurance (PITI) — should not exceed 28% of your gross monthly income. For a $150,000 salary, that's a maximum of $3,500/month in housing costs.
36% Back-End Rule
All monthly debt payments combined (mortgage + car loans + student loans + minimum credit card payments) should not exceed 36% of gross monthly income. The calculator automatically applies whichever rule is more restrictive given your existing debt load.
NYC-Specific Adjustments
Unlike national calculators, this tool accounts for NYC's specific cost structure:
- Property taxes: Estimated at 1.0% of purchase price annually, added to monthly housing costs
- Homeowner's insurance: Estimated at 0.5% annually for houses, 0.3% for condos
- Co-op maintenance: If buying a co-op, your maintenance fee reduces your available mortgage budget
- PMI: If putting less than 20% down, add ~0.5–1% annually until you reach 20% equity
Borough-by-Borough Market Overview 2026
Manhattan
The most expensive borough by a wide margin. Median condo price: $1.2M. Most inventory is co-ops and condos — no detached single-family homes in most neighborhoods. Entry-level studios in less central areas (Inwood, Washington Heights) can start around $350K–$500K. To comfortably buy at median requires $400K+ household income.
Brooklyn
Median $800K masks wide variation. Brownstone Brooklyn (Park Slope, Carroll Gardens, Cobble Hill) runs $1.5M–$3M+. Eastern Brooklyn neighborhoods (East New York, Canarsie, Flatlands) offer 2–3 bedroom homes from $500K–$700K. A $200K household income can find real options here.
Queens
Median $650K. Queens offers more single-family houses than Brooklyn at lower prices. Areas like Jamaica, Hollis, and Far Rockaway have 1–2 family homes from $400K–$600K. Forest Hills, Astoria, and Jackson Heights run higher. Good transit connections make it viable for Manhattan commuters.
The Bronx
NYC's most affordable borough at a $450K median. Co-ops and smaller homes dominate inventory. Riverdale offers more affluent options ($600K–$1M+), while Fordham, Morris Heights, and Co-op City have more affordable entry points. The only borough accessible on $100K income.
Staten Island
Median $550K. The most suburban of the five boroughs, with the highest proportion of single-family homes. Limited transit connectivity to Manhattan is the trade-off for more space at lower prices. Competitive among buyers seeking yards and garages.
Important: Median prices reflect the middle of all sales — half sell above and half below. Your budget may buy something real in a borough even if it's below the median, especially if you target co-ops, outer neighborhoods, or 1-bedroom units.
First-Time Buyer Programs in NYC
If your affordability calculation comes up short, these NYC and state programs can help close the gap:
- HomeFirst Down Payment Assistance Program: NYC HPD offers up to $100,000 toward down payment/closing costs for buyers with incomes up to 80% of Area Median Income (AMI).
- SONYMA Achieving the Dream: New York State's lowest-interest first-time buyer mortgage program, with rates significantly below market.
- SONYMA Conventional Plus: Combines a SONYMA mortgage with a forgivable down payment assistance loan of up to 3% of the purchase price.
- FHA Loans: Allow 3.5% down payments with qualifying credit scores of 580+. Popular for NYC condos in FHA-approved buildings.
- NYC Housing Connect: Affordable housing lottery for income-qualified buyers. Units are below market rate and heavily oversubscribed, but worth applying.
Know Your Net Income First
Before calculating affordability, know exactly what you take home after NYC's federal, state, and city taxes.
Calculate My NYC Take-Home Pay