How We Calculate the Salary Required
These numbers are based on the standard mortgage qualification formula used by NYC lenders in 2026:
- Rate: 6.875% 30-year fixed (2026 national average)
- Down payment: 20% (standard for condos)
- DTI rule: 28% of gross income for housing costs (P&I + common charges + property tax)
- Common charges added: $500/month for studios, $700/month for 1BRs, $900/month for 2BRs
- Property tax estimate: Varies by borough; Manhattan ~$700/month for 1BR; Brooklyn/Queens ~$500/month; Bronx ~$350/month
Formula: Required salary = (Monthly P&I + common charges + property tax) ÷ 0.28 × 12
Important: These are lender qualification numbers. Add $300–$800/month in common charges to your monthly budget even after qualification. A condo with lower common charges increases what you can spend on purchase price—and vice versa.
Manhattan Condo Salary Requirements
| Unit Type | Typical Price | Loan (80%) | Monthly P&I | +CC+Tax/mo | Salary Needed |
|---|---|---|---|---|---|
| Studio | $450,000 | $360,000 | $2,373 | $3,073 | $154,000 |
| 1 Bedroom | $900,000 | $720,000 | $4,745 | $6,145 | $308,000 |
| 2 Bedroom | $1,500,000 | $1,200,000 | $7,909 | $9,909 | $513,000 |
| 3 Bedroom | $2,500,000 | $2,000,000 | $13,181 | $15,681 | $813,000 |
Brooklyn Condo Salary Requirements
| Unit Type | Typical Price | Loan (80%) | Monthly P&I | +CC+Tax/mo | Salary Needed |
|---|---|---|---|---|---|
| Studio | $350,000 | $280,000 | $1,846 | $2,446 | $120,000 |
| 1 Bedroom | $650,000 | $520,000 | $3,428 | $4,628 | $222,000 |
| 2 Bedroom | $1,000,000 | $800,000 | $5,272 | $6,672 | $342,000 |
| 3 Bedroom | $1,500,000 | $1,200,000 | $7,909 | $9,709 | $513,000 |
Queens Condo Salary Requirements
| Unit Type | Typical Price | Loan (80%) | Monthly P&I | +CC+Tax/mo | Salary Needed |
|---|---|---|---|---|---|
| Studio | $280,000 | $224,000 | $1,477 | $2,077 | $96,000 |
| 1 Bedroom | $500,000 | $400,000 | $2,636 | $3,836 | $171,000 |
| 2 Bedroom | $750,000 | $600,000 | $3,953 | $5,353 | $257,000 |
| 3 Bedroom | $1,000,000 | $800,000 | $5,272 | $6,972 | $342,000 |
Bronx Condo Salary Requirements
| Unit Type | Typical Price | Loan (80%) | Monthly P&I | +CC+Tax/mo | Salary Needed |
|---|---|---|---|---|---|
| Studio | $200,000 | $160,000 | $1,055 | $1,555 | $70,000 |
| 1 Bedroom | $280,000 | $224,000 | $1,477 | $2,077 | $96,000 |
| 2 Bedroom | $400,000 | $320,000 | $2,109 | $2,909 | $132,000 |
Staten Island Condo Salary Requirements
| Unit Type | Typical Price | Loan (80%) | Monthly P&I | +CC+Tax/mo | Salary Needed |
|---|---|---|---|---|---|
| Studio | $220,000 | $176,000 | $1,160 | $1,660 | $74,000 |
| 1 Bedroom | $320,000 | $256,000 | $1,688 | $2,488 | $117,000 |
| 2 Bedroom | $450,000 | $360,000 | $2,373 | $3,373 | $144,000 |
How Common Charges Affect Qualification
Common charges are a critical part of the calculation that many buyers underestimate. A higher-amenity building with a doorman, gym, and concierge might charge $1,200–$1,800/month in common charges. At the 28% DTI rule, an extra $500/month in common charges requires roughly $21,400 more in annual salary to qualify.
| Common Charges | Additional Salary Required | Effect on Max Purchase Price |
|---|---|---|
| $400/month | Baseline | Full budget available for purchase price |
| $700/month | +$12,900/yr | Reduces purchase price budget by ~$48,000 |
| $1,000/month | +$25,700/yr | Reduces purchase price budget by ~$97,000 |
| $1,500/month | +$47,100/yr | Reduces purchase price budget by ~$178,000 |
Pro tip: When comparing condos at similar prices, calculate the total monthly PITI (principal, interest, taxes, insurance) including common charges. A $700K condo with $400/month common charges may be more affordable than a $650K condo with $1,200/month common charges.
What Your NYC Take-Home Pay Looks Like
The salary numbers above are gross (pre-tax) income. After federal, state, and NYC city taxes, your take-home is significantly lower. Here's what the salaries actually look like as net pay:
| Gross Salary | NYC Net Take-Home | Monthly Net | What You Can Buy (condo) |
|---|---|---|---|
| $100,000 | ~$68,000/yr | ~$5,667/mo | Bronx/outer Queens studios |
| $150,000 | ~$98,000/yr | ~$8,167/mo | Queens 1BR condos |
| $200,000 | ~$127,000/yr | ~$10,583/mo | Brooklyn 1BR condos |
| $250,000 | ~$154,000/yr | ~$12,833/mo | Brooklyn 2BR or Queens 2BR |
| $300,000 | ~$183,000/yr | ~$15,250/mo | Manhattan studios / Brooklyn 2BR+ |
Calculate Your Exact NYC Take-Home Pay
Find your precise net pay after all NYC taxes, then see exactly which condo tier is within reach.
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