{"id":55181,"date":"2026-09-03T12:25:32","date_gmt":"2026-09-03T19:25:32","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=55181"},"modified":"2026-09-03T12:26:51","modified_gmt":"2026-09-03T19:26:51","slug":"income-for-a-350k-home","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/income-for-a-350k-home\/","title":{"rendered":"What Salary Do You Need to Afford a $350k Home?"},"content":{"rendered":"

You may need roughly $87,000 a year to afford a $350,000 home if you have limited monthly debt and make a moderate down payment.<\/p>\n

That doesn’t mean and $87,000 salary guarantees you can afford that much house. Recurring debts like student loans and car payments can affect what you qualify for.<\/p>\n

Key Takeaways<\/h2>\n
    \n
  1. You may need around $87,000 a year to afford a $350,000 home with limited monthly debt.<\/b> Under the assumptions used here, the estimate is about $86,000 with 10% down.<\/li>\n
  2. Your down payment can change the salary needed substantially.<\/b> The estimated income requirement falls to about $74,000 with 20% down but rises to around $90,000 with 5% down.<\/li>\n
  3. FHA financing can be especially relevant at this price point.<\/b> A $350,000 home is comfortably within 2026 FHA loan limits, and eligible borrowers may put as little as 3.5% down.<\/li>\n<\/ol>\n

    What Salary Do You Need for a $350k Home?<\/h2>\n

    The answer depends heavily on how much you put down.<\/p>\n

    Using the assumptions in this article, the estimated income needed ranges from about $74,000 with 20% down to roughly $92,000 with 3% down.<\/p>\n

    Estimated Income Needed for a $350,000 Home<\/h3>\n
    \n
    \n\n\n\n\n\n\n\n\n
    Down payment<\/th>\nCash down<\/th>\nEstimated annual income needed<\/th>\n<\/tr>\n<\/thead>\n
    3%<\/td>\n$10,500<\/td>\nAbout $92,000<\/td>\n<\/tr>\n
    5%<\/td>\n$17,500<\/td>\nAbout $90,000<\/td>\n<\/tr>\n
    10%<\/td>\n$35,000<\/td>\nAbout $86,000<\/td>\n<\/tr>\n
    20%<\/td>\n$70,000<\/td>\nAbout $74,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>
    Illustrative conventional-loan estimates assume a 30-year mortgage and limited other monthly debt. See the methodology below for the full assumptions.<\/figcaption><\/figure>\n

    Putting more down lowers the mortgage balance and can reduce or eliminate private mortgage insurance. The tradeoff is that you need considerably more cash at closing.<\/p>\n

    If you’re approaching affordability from your income instead, Movoto’s guide to how much house you may be able to afford on a $70,000 salary<\/a> shows how a lower income changes the purchase-price range.<\/p>\n

    What Would the Monthly Payment Be on a $350,000 Home?<\/h2>\n

    With 10% down, you’d put down $35,000 and finance about $315,000 before closing costs.<\/p>\n

    Estimated Monthly Payment With 10% Down<\/h3>\n
    \n
    \n\n\n\n\n\n\n\n\n\n
    Payment component<\/th>\nEstimated monthly cost<\/th>\n<\/tr>\n<\/thead>\n
    Principal and interest<\/td>\n$2,024<\/td>\n<\/tr>\n
    Property taxes<\/td>\n$321<\/td>\n<\/tr>\n
    Homeowners insurance<\/td>\n$102<\/td>\n<\/tr>\n
    Estimated PMI<\/td>\n$131<\/td>\n<\/tr>\n
    Estimated total<\/b><\/td>\n$2,578<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>
    Example based on a $350,000 purchase price with 10% down. Actual taxes, insurance and PMI vary by borrower and property.<\/figcaption><\/figure>\n

    Under the planning assumptions used here, that payment corresponds to annual income of about $86,000 before adding other recurring monthly debt.<\/p>\n

    For nearby purchase prices, compare this with the income needed for a $300,000 home<\/a> and the income needed for a $400,000 home<\/a>.<\/p>\n

    Can You Use an FHA Loan for a $350k Home?<\/h2>\n

    Yes, assuming you meet the program’s other requirements.<\/p>\n

    HUD says FHA-insured mortgages can allow down payments as low as 3.5%<\/a>. On a $350,000 home, that’s $12,250.<\/p>\n

    The loan amount is also comfortably within FHA’s 2026 limits. HUD lists the 2026 one-unit FHA floor at $541,287<\/a>, with higher limits in designated high-cost areas.<\/p>\n

    That makes the purchase price itself unlikely to be the limiting factor for FHA financing at $350,000.<\/p>\n

    The tradeoff is mortgage insurance. FHA loans generally include an upfront mortgage insurance premium as well as annual mortgage insurance collected through the monthly payment.<\/p>\n

    So FHA may reduce the cash needed upfront without necessarily producing the lowest possible monthly payment.<\/p>\n

    Could Down Payment Assistance Help With a $350k Home?<\/h2>\n

    Possibly.<\/p>\n

    For many first-time buyers, the hardest part of a $350,000 purchase isn’t necessarily supporting the monthly payment. It’s accumulating the down payment and closing costs.<\/p>\n

    HUD directs buyers to state and local homebuying programs<\/a> that may provide help with down payments or other upfront costs.<\/p>\n

    The details vary widely. Programs can have:<\/p>\n