How Much House Can I Afford on a $300,000 Salary?
On a $300,000 salary, a typical buyer can afford a home around $1,227,476. Your exact number depends on your debts, down payment, and rate — adjust below.
On a $300,000 salary, you can afford a home priced around $1,227,476.
That is a max payment of about $7,000/mo (principal & interest) under the 28% rule — assuming $120,000 down, a 6.5% rate, and ~$500/mo of other debt. Check your number ↓
How lenders size a home budget for a $300,000 income
Lenders lean on two debt-to-income limits: about 28% of gross income toward housing and 36% toward all debt combined. On a $300,000 salary that caps your housing payment near $7,000 a month, which supports a loan of about $1,107,476 and — with a $120,000 down payment — a home priced around $1,227,476. Paying down other debts, putting more down, or a lower rate all raise the number; property taxes and insurance pull the realistic figure down a bit.
How it’s calculated
Max payment = the lesser of 28% of monthly gross income and 36% of income minus your monthly debts. The loan is worked backward from that payment using the standard amortization formula at your rate and term, and the home price is the loan plus your down payment. Defaults use $500/mo of other debt, a 6.5% 30-year loan, and a $120,000 down payment.
A conservative estimate; taxes, insurance, and PMI lower real affordability. Verify with a lender.
Frequently asked questions
How much house can I afford on $300,000 a year?
Roughly a $1,227,476 home — a payment near $7,000 a month under the 28% rule, with about $120,000 down and modest other debt. Higher debt or rates lower it.
What mortgage can I get on a $300,000 salary?
About a $1,107,476 loan at a 6.5% 30-year rate, which the 28% housing guideline supports on a $300,000 income. Add your down payment for the home price.
Is $300,000 enough to buy a house?
In much of the country, yes — it comfortably supports a home in the $1,227,476 range. In high-cost metros the same salary buys noticeably less.