CanYouAffordIt?Calculate

House reality check

Can I Afford a $350,000 House?

$350,000 is the median U.S. existing-home price in many years. Workable on a strong solo income or a normal dual income — but rate matters more here than at lower prices.

Estimates only. Not mortgage approval, not lender precision, not legal or tax advice.

Default verdict (you can edit any of this)

Manageable

Workable on ~$100k–$120k household income with discipline on other debt.

30 years at 7% with 10% down ($35k) puts P&I near $2,100/mo. Add property tax (~$320), insurance (~$135), and PMI (~$150), and the all-in monthly is ~$2,705. On $9,000/mo gross that's 30% — borderline 'Manageable' / 'Stretching'. Pushing the down to 20% removes PMI and drops the payment to ~$2,555.

All-in monthly
$2,702
Income needed (28% rule)
$115,780
Housing % of gross
30.0%
Total DTI
34.5%

Run the numbers on a $350,000 house

Edit anything. Every field updates the results live.

Sticker price of the home.

Cash you bring to closing.

Annual interest rate.

Years (most loans are 30).

Annual property tax. We split into months.

Homeowner's insurance monthly.

0 if no HOA.

Private mortgage insurance. 0 with 20%+ down.

Pre-tax income across all earners.

Car loans, student loans, credit-card minimums.

Estimates only. Not mortgage approval, not financial advice. Numbers vary by lender, credit, state, ZIP, and the day.

Costs people forget

The line items that don’t show up on the loan estimate but absolutely show up in the bank account.

  • Rate sensitivity at $350k

    Each 0.5% APR change moves the payment ~$100/mo. Locking the rate matters more here than at lower prices.

  • Property tax has a wide spread

    $3,500/yr (1%) vs $8,000/yr (2.3% NJ): the same house can be $375/mo apart on tax alone.

  • PMI extends 8-12 years on small down payments

    At 5% down + slow appreciation, you may pay PMI through year 9 before crossing 20% equity.

  • Closing costs scale with price

    $7–$17k cash at closing on top of the down payment.

  • Repair sinking fund: ~$3,500/yr

    Roof, HVAC, water heater, sewer — they don't bunch up but they all come.

  • Furnishings + utility setup + moving

    $5–$15k of first-year spend that hides outside the mortgage.

Reality check before you bid

  • Front-end ratio ≤ 28% means $9,650/mo gross ($116k/yr) to keep housing comfortable at this price.

  • Add a $500/mo car payment + $200 student loans and back-end DTI jumps fast.

  • Insurance premiums have been rising 8-15%/yr in storm-exposed markets. Quote it for the specific ZIP.

  • Pre-approval rate is a quote, not a lock. Confirm the lock terms before paying for inspection.

What salary carries a $350,000 house?

A few salary reality checks that line up reasonably with this price point.

Cars that fit a $350,000 household

Curated picks. Open a car page to run the affordability calculator with your real income and APR.

Build this house into something bigger

FAQ: Affording a $350,000 house

Short, honest answers — not pre-approval.

  • What income do I need for a $350,000 house?
    Roughly $100,000–$120,000/yr keeps housing near 28% of gross with average tax rates and modest other debt. Higher in high-tax markets.
  • What is the monthly payment on a $350,000 house?
    At 7% / 30 years with 10% down: roughly $2,600–$2,800 all-in. 20% down drops the payment ~$150/mo by removing PMI.
  • How much down do I need for a $350,000 home?
    3.5% FHA = $12,250; 5% conventional = $17,500; 20% = $70,000. Plus 2-5% in closing costs.
  • Does this include taxes, insurance, HOA, and PMI?
    Yes — we add each one to the monthly payment. Edit any field for your specific numbers.
  • Is this lender approval?
    No. Ballpark math only. Actual approval depends on credit, employment, reserves, and lender-specific overlays.

This is not financial advice

CanYouAffordIt is for entertainment and ballpark planning only. Real insurance quotes, sales tax rules, dealer fees, loan approvals, and maintenance costs vary by location, vehicle, and credit profile. Before signing a contract, talk to a human you trust — and read the fine print.

See also other house reality checks: $200,000 house, $250,000 house, $300,000 house, $400,000 house, $450,000 house, $500,000 house, $600,000 house, $750,000 house, $1,000,000 house, $1,500,000 house. Canonical: https://trycanyouaffordit.com/can-i-afford-a-350000-house.