How Much House Can I Afford on a $300,000 Salary?
On a $300,000 annual salary, most lenders will approve you for a home between $960,000 and $1,300,000 depending on your existing debts, credit score, and down payment. This guide is built for top-earning professionals and dual high-income households.
Scenarios by Down Payment
580+ credit score required
PMI required until 20% equity
No PMI — best rate
Jumbo loan may apply
Calculate Your Exact Number
The ranges above assume no existing monthly debt. Enter your actual debts to get your personalized number.
What a $300,000 Salary Buys You by City
At this income level, the gap between affordable and unaffordable markets is dramatic. Here is what your buying power looks like across major US markets.
| City / Market | Your max home price | Market median | Buying power assessment |
|---|---|---|---|
| New York City, NY | $1,135,000 | ~$850K | Manageable with 20% down |
| San Francisco, CA | $1,135,000 | ~$1.1M | Challenging — need large down payment |
| Los Angeles, CA | $1,135,000 | ~$850K | Manageable with strong credit |
| Miami, FL | $1,135,000 | ~$600K | Comfortable buying power |
| Boston, MA | $1,135,000 | ~$750K | Manageable — strong income for this market |
| Washington DC area | $1,135,000 | ~$700K | Comfortable in Northern Virginia suburbs |
| Chicago, IL | $1,135,000 | ~$380K | Outstanding buying power |
| Dallas, TX | $1,135,000 | ~$550K | Excellent buying power |
Jumbo Loan Considerations at This Income
At a $300,000 salary, you will likely be borrowing above the conforming loan limit of $766,550 in many markets (and up to $1,149,825 in high-cost areas). Loans above these limits are called jumbo loans and have different requirements:
- Higher credit score required: Most jumbo lenders require 720–740+ vs 620 for conventional
- Lower DTI limits: Jumbo loans typically cap back-end DTI at 38–43% vs 45–50% for conforming
- Larger cash reserves: Lenders may require 6–12 months of payments in reserves after closing
- Slightly higher rates: Jumbo rates are typically 0.1–0.3% above conforming rates
- More documentation: Tax returns, investment statements, and business financials if self-employed
How the 28/36 Rule Works
The 28% front-end rule: your total housing payment (mortgage + property tax + insurance) should not exceed 28% of gross monthly income. On a $300,000 salary that is $7,000/month. The 43% back-end rule: all monthly debts (housing + car + student loans + credit cards) should not exceed 43% of gross income. Existing debts directly reduce your available housing budget.