NYC Home Affordability Calculator
Borough-by-Borough Breakdown
Understanding affordability in NYC requires looking at each borough separately — the gap between a $450K Bronx median and a $1.2M Manhattan median represents very different income thresholds.
| Borough | Median Price | Salary to Buy Median | Typical Buyer Profile | Property Types |
|---|---|---|---|---|
| Manhattan | $1,200,000 | ~$432,000/yr | Dual high-earning households, finance/tech professionals | Co-ops, condos; no houses |
| Brooklyn | $800,000 | ~$288,000/yr | Dual-income households, young professionals with family support | Brownstones, condos, co-ops |
| Queens | $650,000 | ~$234,000/yr | Middle-to-upper middle class, multi-generational buyers | Houses, condos, co-ops |
| Staten Island | $550,000 | ~$198,000/yr | Working families, government/municipal workers | Single-family houses |
| Bronx | $450,000 | ~$162,000/yr | First-time buyers, lower-income households with assistance | Co-ops, 2-3 family homes |
Important context: Borough medians represent the middle of all sales. Homes below median exist in every borough — they tend to be smaller, in less central locations, or co-ops with higher maintenance. Your budget can stretch further if you're flexible on size and location within a borough.
First-Time Buyer Programs in NYC (2026)
If your calculated maximum falls short of what you need, these programs can meaningfully close the gap:
NYC HomeFirst Down Payment Assistance Program
Provides up to $100,000 toward down payment or closing costs for first-time buyers with income up to 80% of Area Median Income (AMI). Must complete homebuyer education and purchase within NYC. A $100K grant on a $500K purchase brings your required down payment from $100K to $0 — or lets you stretch your purchase price significantly.
SONYMA Achieving the Dream
New York State's lowest-interest mortgage program for first-time buyers. Rates are typically 0.5–1% below market rate. On a $400K loan, saving 0.75% on rate reduces monthly payment by ~$175/month and increases buying power by roughly $26,000.
SONYMA Conventional Plus
Pairs a SONYMA mortgage with a forgivable second loan of up to 3% of the purchase price for down payment assistance. The second loan is forgiven after 10 years of occupancy, effectively making it a free grant for long-term owners.
FHA Loans (Federal)
Allow 3.5% down payments for buyers with credit scores of 580+. On a $443K home, FHA requires only $15,500 down vs. $88,600 for 20% down. Trade-off: FHA requires mortgage insurance premium (MIP) of ~0.85% annually until you reach 20% equity (or the full loan term for low-down purchases).
NYC Housing Connect (Affordable Lotteries)
Below-market-rate condos and co-ops available via lottery for income-qualified buyers. Units are significantly below market — a $250K lottery condo in a neighborhood where market rate would be $700K. Heavily oversubscribed (thousands of applicants per unit), but free to apply and worth doing consistently.
Co-op vs. Condo: How Each Affects Your Affordability
| Factor | Co-op | Condo |
|---|---|---|
| Typical price premium | 15–25% below condos | 15–25% above co-ops |
| Minimum down payment | 20–30% (board requirement) | 10–20% (lender requirement) |
| Monthly carrying costs | $600–$2,000/mo maintenance (includes taxes) | $400–$1,500/mo common charges (excludes taxes) |
| DTI impact | Maintenance counts toward 28% housing ratio | Common charges also count |
| Board approval | Required — can reject buyers | Usually right of first refusal only |
| Subletting | Often restricted or prohibited | Generally allowed with notice |
| Financing | Some lenders won't lend on co-ops | Standard financing available |
How Much Home Can I Afford? By Income Level
| Income | Max Home Price | Accessible Boroughs | Notes |
|---|---|---|---|
| $80,000 | $354K | Bronx (entry) | Need assistance programs |
| $100,000 | $443K | Bronx (at median) | Very limited options |
| $120,000 | $531K | Bronx, some SI | Co-ops only for most |
| $150,000 | $664K | Bronx, SI, outer Queens | Entry-level market |
| $200,000 | $885K | Above Brooklyn median | Good selection in 4 boroughs |
| $250,000 | $1.1M | All boroughs incl. Manhattan | Entry-level Manhattan possible |
| $300,000 | $1.33M | All boroughs | Above all borough medians |
Calculate Your NYC Take-Home Pay
Know your precise net income after federal, New York State, and NYC taxes before buying a home.
NYC Paycheck Calculator