The amount you need to earn depends on interest rates, down payment, and your other debts, but here’s a solid estimate using today’s FHA-style scenario:
- Home Price: $400,000
- Down Payment (3.5%): $14,000
- Estimated Monthly Payment (Principal + Interest + Taxes + Insurance): ~$2,900
💰 Income Needed
Lenders usually want your housing costs to be no more than ~30–31% of your gross monthly income.
- $2,900 ÷ 0.31 ≈ $9,350/month
- Annual Salary Needed ≈ $112,000/year
💡 Tip: First-time buyer grants or down payment assistance can lower your monthly payment, which can reduce the income requirement.
| Home Price | Estimated Monthly Payment | Approx. Salary Needed |
|---|---|---|
| $300,000 | $2,200 | $85,000/year |
| $350,000 | $2,550 | $98,000/year |
| $400,000 | $2,900 | $112,000/year |
| $450,000 | $3,250 | $125,000/year |
📌 These are estimates based on 3.5% down payment, FHA-style loans, and current rates. Your actual payment may vary depending on credit score, property taxes, insurance, and local programs.
💬 Our Take
At Trealtorr, we run the exact numbers for your situation — including grants, rates, and local programs — so you know what you can truly afford without over-stretching your budget.
📲 Call or text us today at +1 (347) 831-6085 — let’s see what programs you qualify for and get you into your first home smarter and faster!