What salary do you need to buy a $300,000 house?
Conservative, balanced, and lender-approval salary thresholds — based on real PITI numbers.
A $300k home at today’s rates needs a total monthly payment of roughly $2,300–$2,600/mo (PITI, depending on down payment and PMI). To keep that at 28% of gross income, you’d need about $100,000–$112,000/yr in household income. Lower down payments and higher debts raise the number.
Salary needed for a $300,000 home
At today’s 6.750% rate, 30-year loan, $0 other debts. Assumes national averages for taxes and insurance.
| Scenario | 5% down $15,000 | 10% down $30,000 | 20% down $60,000 |
|---|---|---|---|
| Monthly PITI | $2,389 | $2,282 | $1,919 |
| Comfortable salary (28% DTI) | $102,000 | $98,000 | $82,000 |
| Balanced salary (36% DTI) | $80,000 | $76,000 | $64,000 |
| Lender-approval salary (43% DTI) | $67,000 | $64,000 | $54,000 |
| Monthly PMI | $178 | $169 | $0 |
Add roughly $25,000 in salary for every $500/mo of other debts (car, student, credit card).
Target: about $98,000 household income
A $300,000 home at 6.750% with 10% down runs about $2,282/mo in full PITI. To keep that at 28% of gross income, you’d need roughly $98,000/yr in household income.
Put 20% down and the salary requirement drops by roughly $16,000/yr — no PMI and a lower loan amount. Put 5% down and the opposite: the PMI pushes the salary target up by thousands.
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Full PITI for a $300,000 home at current rates — with PMI where it applies.
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