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.
Property Tier & Custom Calculator
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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.
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.
Total housing costs (P&I, property tax, insurance, PMI) capped at 28% of gross household income.
Housing costs plus $0/mo in auto/student debts cannot exceed 36% of gross pay.
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.
Leaves generous breathing room for family goals, high-yield investing, and emergency reserves.
The standard threshold mortgage underwriters use to approve or reject your loan application.
The upper outer boundary lenders will tolerate before denying loan approval.
Upfront Cash Needed to Close
Day 1 Liquid ReservesTotal liquid savings required in New York City before you can sign closing documents.
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.
Where Else Could You Buy With $231,982?
With the $231,982 household salary needed in New York City, here is how your purchasing power compares in other major metropolitan markets:
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.
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 Metric | Local 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 Ratio | 10.1x |
| 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 |