Quick-Answer Table: Salary to Max Home Price
The table below uses the 28% front-end DTI rule, a 6.875% 30-year fixed rate (2026), and 20% down payment. Monthly payment shown is max allowed principal & interest.
| Annual Salary | Max Monthly Housing | Max Mortgage | Max Home Price (20% down) | NYC Reality |
|---|---|---|---|---|
| $50,000 | $1,167 | $177K | $207K | Very limited — outer Bronx only |
| $75,000 | $1,750 | $265K | $310K | Bronx, far Queens possible |
| $100,000 | $2,333 | $354K | $413K | Bronx, parts of Staten Island |
| $125,000 | $2,917 | $443K | $516K | Staten Island, far Brooklyn |
| $150,000 | $3,500 | $531K | $620K | Brooklyn outer areas, Queens |
| $175,000 | $4,083 | $620K | $723K | Most of Queens, parts of Brooklyn |
| $200,000 | $4,667 | $708K | $826K | Brooklyn, lower-priced Manhattan neighborhoods |
| $250,000 | $5,833 | $885K | $1.03M | Most of Brooklyn, Queens |
| $300,000 | $7,000 | $1.06M | $1.24M | Manhattan entry-level, most boroughs |
2026 Rate Used: All calculations use the 2026 30-year fixed rate of 6.875%, which equals $6.59/month per $1,000 borrowed in principal & interest.
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How Much House Can I Afford in NYC?
How the 28% Rule Works
The 28% rule — also called the front-end debt-to-income (DTI) ratio — is the most widely used mortgage affordability guideline. It states that your total monthly housing payment (principal, interest, property taxes, and homeowner's insurance — known as PITI) should not exceed 28% of your gross monthly income.
The math: Annual salary ÷ 12 × 0.28 = max monthly housing payment. For a $100,000 salary: $100,000 ÷ 12 = $8,333 × 0.28 = $2,333/month.
From that monthly payment, you work backwards using the current rate to find the maximum loan. At 6.875%, the factor is $6.59 per $1,000 borrowed. So: $2,333 ÷ $6.59 × $1,000 = ~$354K mortgage. With 20% down, that's a $443K home ($354K ÷ 0.80).
Important: The 28% rule is based on gross income, not take-home pay. In NYC, where combined federal/state/city taxes can take 30–35% of your paycheck, the true affordability may be lower. See our after-tax affordability guide for a more realistic view.
NYC Reality Check: Borough-by-Borough
Most NYC buyers face a hard truth: the city's median home prices far exceed what many salaries can support under standard affordability rules. Here's the income you need to qualify for each borough's median price with 20% down at 6.875%:
| Borough | Median Price | 20% Down | Mortgage | Monthly P&I | Income Needed |
|---|---|---|---|---|---|
| Manhattan | $1,200,000 | $240,000 | $960,000 | $6,326 | $271,114/yr |
| Brooklyn | $800,000 | $160,000 | $640,000 | $4,218 | $180,771/yr |
| Queens | $650,000 | $130,000 | $520,000 | $3,427 | $146,871/yr |
| Staten Island | $550,000 | $110,000 | $440,000 | $2,900 | $124,286/yr |
| Bronx | $450,000 | $90,000 | $360,000 | $2,372 | $101,657/yr |
The Bronx is the only borough where the median home price falls within reach of a $100K salary. Every other borough requires six-figure income well above $100K, with Manhattan requiring over $270K annually just to afford the median priced home.
The down payment hurdle is real: Even if your income qualifies, saving 20% of a $650K Queens home means having $130,000 cash on hand. Many NYC buyers explore lower down payment options like FHA (3.5%) or SONYMA loans to reduce this barrier.
What If You Can't Put 20% Down?
Many NYC buyers don't have 20% saved. Here are your options and the tradeoffs:
- FHA loan (3.5% down): Requires mortgage insurance premium (MIP) of ~0.55%/year, which adds to your monthly payment and reduces how much home you can afford.
- Conventional 5–10% down: Requires private mortgage insurance (PMI) typically 0.5–1.0%/year, which reduces effective affordability.
- SONYMA loans: New York State's SONYMA program offers below-market rates (~6.0% in 2026) for qualifying first-time buyers, meaningfully improving affordability.
- HomeFirst grant: NYC offers up to $100,000 in down payment assistance for qualifying buyers.
Frequently Asked Questions
How much house can I afford in NYC on a $100K salary?
On a $100K salary using the 28% rule at 6.875% (2026 rates) with 20% down, you can afford approximately $413,000. This means your monthly housing payment stays at or below $2,333. In NYC, that limits you primarily to the Bronx or parts of Staten Island.
What is the 28% rule for mortgages?
The 28% rule says your monthly housing costs (principal, interest, taxes, and insurance) should not exceed 28% of your gross monthly income. Lenders use this as the front-end debt-to-income ratio for mortgage qualification. Most conventional lenders cap PITI at 28% of gross monthly income.
What salary do you need to buy in Manhattan?
With a Manhattan median price of $1.2M and 20% down ($240K), you need a mortgage of $960K. At 6.875%, that's about $6,326/month just for principal and interest. To keep that under 28% of gross income, you need approximately $271,000/year — and that's before property taxes and insurance, which push the true income needed even higher.
Should I use gross or net income for affordability?
Lenders use gross income, but net income gives a more realistic picture of what you can truly afford. In NYC, a $150K salary has a take-home of roughly $98K after federal, state, and NYC taxes. See our net income affordability calculator for the full analysis.
Calculate Your NYC Take-Home Pay
Know your gross salary — see exactly what you bring home after NYC taxes.
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