Quick Affordability Check
Borough Reality Check: 2026 Medians and Required Income
| Borough | Median Price | 20% Down | Monthly PITI (est.) | Salary Needed | Typical Properties |
|---|---|---|---|---|---|
| Manhattan | $1,200,000 | $240,000 | ~$7,700/mo | ~$330,000/yr | Co-ops, condos; no houses |
| Brooklyn | $800,000 | $160,000 | ~$5,100/mo | ~$218,000/yr | Condos, co-ops, brownstones |
| Queens | $650,000 | $130,000 | ~$4,200/mo | ~$180,000/yr | Houses, condos, co-ops |
| Staten Island | $550,000 | $110,000 | ~$3,500/mo | ~$150,000/yr | Single-family houses |
| Bronx | $450,000 | $90,000 | ~$2,900/mo | ~$124,000/yr | Co-ops, 2-3 family homes |
Note on PITI: Monthly PITI figures above include estimated property taxes (~1% annually) and insurance. Actual costs vary significantly by specific property, location, and tax class. Co-op buyers should also factor in maintenance fees of $600–$2,000/month.
What Your Budget Actually Buys: Real Scenarios
Budget: $200,000–$350,000 (Income ~$50K–$80K)
This is the toughest range for NYC buyers. Options are extremely limited — a studio co-op in the north Bronx, a very small co-op in an outer Staten Island neighborhood, or participation in affordable housing lotteries. Most people in this income range are better served renting while building savings.
Reality: The average NYC studio co-op in the Bronx starts around $200K–$280K. Monthly carrying costs (maintenance + mortgage) typically run $1,800–$2,400/month including co-op maintenance fees.
Budget: $350,000–$550,000 (Income ~$80K–$150K)
You have real options in the Bronx (1-2BR co-ops) and parts of Staten Island (small single-family starter homes). Some entry-level Queens co-ops in neighborhoods like Jamaica, Hollis, and Far Rockaway fall in this range. Brooklyn is nearly inaccessible at this level for anything other than a rare studio.
What you get: A 1-bedroom co-op in Riverdale or Pelham Bay; a small house in New Dorp or Tottenville on Staten Island; a studio or junior 1BR condo in outer Queens neighborhoods.
Budget: $550,000–$800,000 (Income ~$150K–$220K)
Staten Island and the Bronx offer strong options. Queens becomes accessible — 2-3BR homes in Jamaica, Hollis, Bayside, and Fresh Meadows, or condos in Astoria and Long Island City. Entry-level Brooklyn appears: Bay Ridge, Flatbush, Canarsie, and East New York co-ops and smaller condos.
What you get: A 2BR house on Staten Island; a 2BR co-op or condo in eastern Brooklyn or Queens; a 3BR in the Bronx. Reasonable commutes to Manhattan via subway are possible from most of these locations.
Budget: $800,000–$1,200,000 (Income ~$220K–$350K)
Brooklyn opens up significantly — brownstone floor-throughs, 2BR condos in Park Slope or Carroll Gardens, larger co-ops in established neighborhoods. Queens prime areas (Flushing, Forest Hills, Jackson Heights) become accessible. Entry-level Manhattan condos and co-ops are possible (Inwood, Washington Heights, Harlem, eastern neighborhoods).
What you get: A 2BR condo in brownstone Brooklyn; a 3BR in Queens; a 1BR in Manhattan's less central neighborhoods. If buying a co-op, boards in this price range are typically less stringent than prime Manhattan.
Budget: $1,200,000+ (Income ~$350K+)
Manhattan's full condo and co-op market opens up. Prime Brooklyn neighborhoods (Park Slope, Cobble Hill, Brooklyn Heights) become accessible. Larger family homes in Queens (Forest Hills Gardens, Bayside) are attainable. New construction in Long Island City and Greenpoint falls in this range.
What you get: A 1-2BR Manhattan condo; a 2-3BR brownstone apartment in prime Brooklyn; a full-floor co-op on the Upper West or East Side. Above $2M, the mansion tax adds 1.25–3.9% to closing costs.
What $200K–$500K Actually Gets You in Each Borough
| Budget | Manhattan | Brooklyn | Queens | Bronx | Staten Island |
|---|---|---|---|---|---|
| $200K–$300K | Nothing viable | Nothing viable | Nothing viable | Studio co-op | Very limited |
| $300K–$400K | Nothing viable | Nothing viable | Rare studio co-op | 1BR co-op | Small starter |
| $400K–$500K | Nothing viable | Rare studio | 1BR co-op/condo | 2BR co-op | 1BR/small house |
| $500K–$650K | Very rare studio | 1BR co-op | 2BR condo/house | 3BR co-op/house | 2BR house |
| $650K–$800K | Studio condo | 1–2BR co-op | 2–3BR house | Larger home | 3BR house |
| $800K–$1M | 1BR co-op/condo | 2BR condo | 3BR house | Multi-family | Large house |
The Down Payment Challenge
Understanding the income required is only half the equation. Saving the down payment is often the bigger hurdle for NYC buyers. At $800K (Brooklyn median), a 20% down payment is $160,000 — plus closing costs of roughly $20,000–$35,000 (2–4%), for a total cash needed of $180,000–$195,000.
For a household saving $2,000/month, that's 7–8 years of saving. This is why many NYC first-time buyers look to:
- Family gifts or loans (very common in NYC — co-op and condo boards allow gift funds with a gift letter)
- NYC's HomeFirst program ($100K assistance for qualifying buyers)
- Co-ops with lower prices that require smaller absolute down payments
- FHA loans (3.5% down) for condo buildings with FHA approval
See What You Actually Take Home
Before committing to a mortgage, know your exact NYC take-home pay. The number that matters for monthly budget reality.
NYC Paycheck Calculator