What income do you need to afford a $300,000 house?

To afford a $300,000 home with 20% down ($60,000) at 6.75% interest, you need approximately $80,000/year in gross income. With 10% down, income requirements rise to about $90,000. With 3.5% FHA down, approximately $97,000/year.

Can I afford a $300,000 house on $75,000 a year?

Yes — $75,000 is generally sufficient to afford a $300,000 home with 20% down. Your total PITI would be around $1,940/month, roughly 31% of gross income. Most lenders accept up to 31-36% depending on your total debt. You'd want a 720+ credit score for the best rates.

What is the monthly payment on a $300,000 house?

With 20% down ($60,000), you're financing $240,000. At 6.75% for 30 years: P&I = $1,557/month. Adding estimated taxes ($300/month) and insurance ($120/month): total PITI ≈ $1,977/month.

What credit score do I need to buy a $300,000 house?

For a conventional loan on a $300k home: 620+ minimum, 740+ for the best rates. For FHA: 580+ with 3.5% down, or 500-579 with 10% down. A higher credit score could save you 0.5-1.0% on your rate, which translates to $80-$160/month on a $240k loan.

Income Needed to Afford a $300,000 House (2026)

$300,000 sits near the national median home price in many mid-tier markets. Here is what you need to earn — and what to expect at closing.

See your personal numbers: Mortgage Affordability Calculator

Income Needed to Afford a $300,000 Home

Based on the 28% front-end DTI rule:

Down Payment	Loan Amount	Monthly PITI	Income Required
3% ($9,000)	$291,000	$2,345	$100,500/yr
3.5% FHA ($10,500)	$289,500	$2,334	$100,000/yr
5% ($15,000)	$285,000	$2,298	$98,500/yr
10% ($30,000)	$270,000	$2,178	$93,300/yr
20% ($60,000)	$240,000	$1,936	$83,000/yr

Assumes 6.75% rate, 30-year term, $300/mo taxes, $120/mo insurance. PMI included for <20% down.

Monthly Payment Breakdown at 20% Down

Component	Monthly Cost
Principal & Interest	$1,557
Property Tax (est.)	$250
Homeowners Insurance	$125
Total PITI	$1,932

How Rate Affects Required Income (20% down, $240K loan)

Interest Rate	Monthly P&I	Total PITI	Income Needed
5.5%	$1,363	$1,738	$74,500/yr
6.0%	$1,439	$1,814	$77,700/yr
6.75%	$1,557	$1,932	$82,800/yr
7.5%	$1,678	$2,053	$88,000/yr
8.0%	$1,761	$2,136	$91,500/yr

Impact of Existing Debt (36% Back-End DTI)

Monthly Debt Payments	Income Needed to Qualify
$0	$64,400/yr
$200	$71,100/yr
$400	$79,400/yr
$600	$89,500/yr
$800	$102,600/yr

Total Cash Needed at Closing

Scenario	Down Payment	Closing Costs	Total
FHA 3.5%	$10,500	$9,000-$15,000	~$22,500
10%	$30,000	$9,000-$15,000	~$42,000
20%	$60,000	$9,000-$15,000	~$72,000

Where $300,000 Buys a Home

Region	Examples
Southeast	Charlotte, Raleigh (suburbs), Nashville (suburbs), Atlanta (suburbs)
Midwest	Minneapolis (suburbs), Columbus, Indianapolis
South	Dallas (suburbs), Houston (suburbs), San Antonio
Mountain	Boise, Albuquerque, El Paso