New York, USUS Metro
Severely Unaffordable (+197.4% gap)

How Much Do You Need to Earn to Buy a Home in New York City?

To afford the median $790,000 single-family home in New York City with 10% down, your household needs to earn $231,982/year (or $111.53/hour)—which is 197.4% higher than New York City's actual median household income of $78,000.

Required Household Salary
$231,982
$111.53/hr equivalent
Monthly Housing PITI
$5,413
Includes taxes & insurance
Actual Local Median Income
$78,000
Census & regional benchmark
Price-to-Income Multiple
10.1x
Severely stretched

Property Tier & Custom Calculator

Toggle between standard local property types or customize with your exact down payment and rate.

Down Payment / Deposit10% ($79,000)
Mortgage Interest Rate6.50%
Mortgage Loan Term30 Years
Car & Card Monthly Debts$0/mo

Required Salary vs. Actual Local Income in New York City

Direct comparison between local household earning power and the salary needed to buy each property type.

Price-to-Income Multiple: 10.1x
Actual Local Median Household Income (New York City)$78,000
Salary Needed: Starter Condo / Flat ($540,000)$180,229
Salary Needed: Median House ($790,000)$231,982

The New York City Affordability Reality Check

A median household in New York City earning $78,000 faces an affordability deficit of 197.4% ($153,982/year) compared to the $231,982 required to purchase this property. Buyers typically compensate by purchasing starter apartments, applying a dual-earner income, or receiving family down payment assistance.

US 28/36 Underwriting & PMI Rules

How local lenders formally underwrite and cap homebuyer borrowing in New York City.

Front-End 28% Rule
$231,982/yr

Total housing costs (P&I, property tax, insurance, PMI) capped at 28% of gross household income.

Back-End 36% Debt Ceiling
$180,431/yr

Housing costs plus $0/mo in auto/student debts cannot exceed 36% of gross pay.

PMI Elimination at 20% Down
$119/mo

Putting 20% down saves $1,422/yr and lowers qualifying salary.

3 Qualifying Salary Tiers

Depending on your risk tolerance and other living expenses, here is how much you should earn.

Comfortable (“Sleep Well” — 25% of Gross)$259,820/yr

Leaves generous breathing room for family goals, high-yield investing, and emergency reserves.

Standard Benchmark (28% Rule)$231,982/yr

The standard threshold mortgage underwriters use to approve or reject your loan application.

Max Stretch Ceiling (36% Front-End)$180,431/yr

The upper outer boundary lenders will tolerate before denying loan approval.

Standard hourly wage equivalent: $111.53/hour (based on 2,080 annual working hours).

Upfront Cash Needed to Close

Day 1 Liquid Reserves

Total liquid savings required in New York City before you can sign closing documents.

Down Payment / Deposit (10%)$79,000
Closing Costs (~3%) (~3.5%)$27,650
Total Mandatory Day 1 Cash to Close$106,650
Recommended 3-Month Emergency Reserve$16,239
Total Recommended Cushion (With Reserve)$122,889

Closing friction (Stamp Duty, Notary taxes, title insurance, legal fees) cannot be financed into the loan and must be wired in liquid funds at settlement.

Cross-City Affordability Radar

Where Else Could You Buy With $231,982?

Explore all 60+ cities →

With the $231,982 household salary needed in New York City, here is how your purchasing power compares in other major metropolitan markets:

Decision Intelligence Suite

Stress-Test Your New York City Decision

Take your analysis further with our institutional forecasting tools configured with New York City's live market metrics.

Local Buyer Knowledgebase

Frequently Asked Questions About Buying in New York City (2026)

Market Summary Benchmark

New York City Housing Affordability at a Glance

The following table summarizes core housing underwriting metrics for New York City, New York, US for 2026.

Housing MetricLocal Value
Single-Family Median Home Price$790,000
Starter Apartment / 2-Bed Condo Median$540,000
Required Annual Salary (Median Home)$231,982/yr
Required Annual Salary (Starter Condo/Flat)$180,229/yr
Actual Local Median Household Income$78,000/yr
Local Affordability Gap (%)+197.4% Deficit
Home Price to Income Ratio10.1x
Estimated Total Monthly Housing (PITI)$5,413/mo
Total Day 1 Liquid Cash to Close$106,650
Comparable 2-3 Bed Monthly Rent$3,600/mo