What income do you need to afford a $350,000 house?

To afford a $350,000 home with 20% down ($70,000) at 6.75% interest, you need approximately $94,000/year. With 10% down, about $105,000/year. With only 3.5% FHA down, roughly $114,000/year including PMI.

Can I afford a $350,000 house on $90,000 a year?

At $90,000/year, a $350,000 home with 20% down is within range but close. Your PITI would be around $2,256/month — about 30% of gross monthly income. Most lenders allow up to 31%, so you'd qualify, ideally with minimal other debt.

What is the monthly payment on a $350,000 house?

With 20% down ($70,000), you finance $280,000. At 6.75% for 30 years: P&I = $1,816/month. Adding taxes (~$350/month) and insurance (~$140/month): total PITI ≈ $2,306/month.

How much should I earn before buying a $350,000 house?

Most financial planners recommend spending no more than 28% of gross income on housing. To keep PITI under 28%, you need approximately $94,000-$100,000/year with 20% down on a $350,000 home at current rates.

Income Needed to Afford a $350,000 House (2026)

$350,000 is near or below the national median in many markets. Here is the income required — across every down payment scenario and rate environment.

Calculate your personal affordability: Mortgage Affordability Calculator

Income Needed to Afford a $350,000 Home

Based on the 28% front-end DTI rule:

Down Payment	Loan Amount	Monthly PITI	Income Required
3% ($10,500)	$339,500	$2,737	$117,300/yr
3.5% FHA ($12,250)	$337,750	$2,723	$116,700/yr
5% ($17,500)	$332,500	$2,681	$114,900/yr
10% ($35,000)	$315,000	$2,541	$108,900/yr
20% ($70,000)	$280,000	$2,259	$96,800/yr

Assumes 6.75% rate, 30-year term, $350/mo taxes, $140/mo insurance. PMI included for <20% down.

Monthly Payment Breakdown at 20% Down

Component	Monthly Cost
Principal & Interest	$1,816
Property Tax (est.)	$292
Homeowners Insurance	$146
Total PITI	$2,254

How Rate Affects Required Income (20% down, $280K loan)

Interest Rate	Monthly P&I	Total PITI	Income Needed
5.5%	$1,590	$2,028	$86,900/yr
6.0%	$1,679	$2,117	$90,700/yr
6.75%	$1,816	$2,254	$96,600/yr
7.5%	$1,957	$2,395	$102,600/yr
8.0%	$2,055	$2,493	$106,800/yr

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

Monthly Debt Payments	Income Needed to Qualify
$0	$75,100/yr
$200	$81,800/yr
$400	$90,100/yr
$600	$100,200/yr
$800	$112,600/yr

Total Cash Needed at Closing

Scenario	Down Payment	Closing Costs	Total
FHA 3.5%	$12,250	$10,500-$17,500	~$26,000
10%	$35,000	$10,500-$17,500	~$49,000
20%	$70,000	$10,500-$17,500	~$84,000

Where $350,000 Buys a Home

Region	Examples
Southeast	Charlotte, Raleigh, Jacksonville, Orlando
Midwest	Minneapolis, Kansas City, Columbus
Texas	Houston, San Antonio, Austin (farther suburbs)
Mountain	Salt Lake City (suburbs), Tucson, Albuquerque