$225,748/yr
is the income needed to buy the typical $735,075 home in New York, NY at today's 6.95% rate — about $5,267/mo. The local median household ($97,334) falls $128,414 short.
The math (shown)
735,075 price − 10% down (73,508) = 661,567 loan
30-yr fixed at 6.95% on 661,567 = 4,379/mo principal+interest
+ 888/mo est. taxes+insurance (1.45%/yr of value — national placeholder)
5,267/mo PITI ÷ 0.28 = 18,812/mo → 225,748/yr required
against Zillow ZHVI 2026-08 (Zillow ZHVI (typical home value, smoothed, all-homes 33–67pct tier)) and the 6.95% FRED 30-yr rate (2026-09-17). Local median income: $97,334 (U.S. Census Bureau ACS 2023 5-year, median household income (table B19013)).
Can I afford New York, NY on my salary?
Your salary:
Rent vs own here
Honest null: HUD FMR needs a free huduser.gov token (env.HUD_TOKEN). Honest-null until set. (HUD FMR needs a free token; not wired here.)
FAQ
How much do I need to make to live in New York, NY?
To buy the typical home, about $225,748/yr. Renting needs less; this page sizes the buy.
What home value is this based on?
Zillow's ZHVI typical-home-value for the New York-Newark-Jersey City, NY-NJ metro (2026-08): $735,075.
Is the mortgage rate current?
Yes — 6.95% from FRED's weekly 30-year fixed average (2026-09-17).
Glossary
ZHVI
Zillow Home Value Index — the typical home value for a region (35th–65th percentile, smoothed, seasonally adjusted).
Front-end DTI
Housing payment as a share of gross income; lenders commonly cap it near 28%.
PITI
Principal, Interest, Taxes, and Insurance — the full monthly housing cost.