Updated April 2026 — Rate: 6.875% 30-yr fixed
Quick Reference: Income to Max Home Price
| Annual Income | Max Home Price | Monthly Payment | Down Needed (20%) | Best Borough Fit |
|---|---|---|---|---|
| $75,000 | $332K | $1,750/mo | $66K | Bronx (entry) |
| $100,000 | $443K | $2,333/mo | $89K | Bronx (near median) |
| $125,000 | $553K | $2,917/mo | $111K | Bronx, Staten Island |
| $150,000 | $664K | $3,500/mo | $133K | SI, outer Queens |
| $175,000 | $775K | $4,083/mo | $155K | Queens, entry Brooklyn |
| $200,000 | $885K | $4,667/mo | $177K | Brooklyn (above median) |
| $250,000 | $1.1M | $5,833/mo | $221K | All boroughs |
| $300,000 | $1.33M | $7,000/mo | $266K | Manhattan (above median) |
How to read this table: These are maximums using the 28% rule with no existing debt. If you have car loans, student loans, or other monthly payments, your maximum will be lower. Use the calculator above for a personalized number.
How the NYC House Affordability Calculator Works
This calculator uses the lender-standard 28/36 rule to determine your maximum affordable home price, then applies NYC-specific adjustments:
- Calculate your 28% housing budget: Gross monthly income × 0.28 = maximum monthly housing payment including P&I, taxes, and insurance.
- Apply the 36% back-end check: If you have existing debts, the calculator also checks that total debt payments stay under 36% of gross income. Whichever rule gives a lower number wins.
- Subtract estimated NYC property taxes: Approximately 1% of purchase price annually (iterative calculation). This reduces the available budget for principal and interest.
- Subtract co-op maintenance: If applicable, maintenance fees come out of your housing budget before the mortgage calculation.
- Convert to loan amount: At 6.875% on a 30-year fixed, divide available P&I budget by $6.59 per $1,000 borrowed.
- Add down payment: Maximum loan + down payment = maximum home price.
Why This Calculator Differs From National Tools
Most national home affordability calculators ignore NYC-specific costs that significantly affect what you can actually buy:
- Property taxes are embedded: This calculator subtracts estimated NYC property taxes from your housing budget before computing the max loan. Many tools only consider P&I.
- Co-op maintenance is factored in: Co-op maintenance fees must be counted as housing expense by lenders. Since ~75% of Manhattan's for-sale inventory is co-ops, this matters enormously.
- NYC's dual DTI reality: This calculator uses both the 28% front-end and 36% back-end rules and takes whichever is more restrictive, matching actual lender behavior.
Income Thresholds for Each NYC Borough
| Borough | Median Price | Income to Buy Median (20% down) | Income to Buy at 25% below median |
|---|---|---|---|
| Manhattan | $1,200,000 | ~$432,000/yr | ~$324,000/yr ($900K) |
| Brooklyn | $800,000 | ~$288,000/yr | ~$216,000/yr ($600K) |
| Queens | $650,000 | ~$234,000/yr | ~$176,000/yr ($488K) |
| Staten Island | $550,000 | ~$198,000/yr | ~$149,000/yr ($413K) |
| Bronx | $450,000 | ~$162,000/yr | ~$122,000/yr ($338K) |
The 25% below median strategy: Targeting properties 20–25% below the borough median is often the smartest move for first-time buyers. You'll face less competition, may find motivated sellers, and your budget goes further. In Brooklyn, 25% below median is $600K — reachable on $216K household income.
Know Your Exact Take-Home Pay
Mortgage lenders use gross income — but you pay the mortgage from your net pay. See exactly what you bring home after NYC taxes.
Calculate NYC Net PayFrequently Asked Questions
How do I calculate how much house I can afford in NYC?
Multiply your gross monthly income by 28% to get your max monthly housing budget. Subtract estimated property taxes (~1%/yr of purchase price ÷ 12) and insurance. Divide the remainder by $6.59 per $1,000 borrowed (the payment factor at 6.875% 30-year). Add your down payment. That gives your maximum home price.
What is a good income to buy a house in NYC?
A practical threshold for most buyers is $150,000–$200,000/year. At $150K you can afford ~$664K (above Bronx and Staten Island medians, approaching entry-level Queens). At $200K you can afford ~$885K (above Brooklyn's $800K median). Below $120K, options are very limited without down payment assistance programs.
Does this calculator include NYC property taxes?
Yes. Property taxes are estimated at approximately 1% of purchase price annually and are subtracted from your monthly housing budget before computing the maximum mortgage. This makes the result more accurate than calculators that only consider principal and interest.
What if I have student loans — how does that affect my max price?
Student loans are monthly debt payments that count toward the 36% back-end DTI limit. For example, on $150K income, the 36% limit is $4,500/month total debt. With $800/month in student loan payments, only $3,700 is available for housing — reducing your max mortgage significantly compared to having no debt.