How to Use This Calculator
Quick Start
Enter your financial information and preferences, then see which NYC neighborhoods you can actually afford. The calculator applies real co-op board requirements that most other calculators ignore.
- Annual Income - Your gross (pre-tax) annual income
- Liquid Savings - Cash and easily accessible investments
- Monthly Budget - What you want to pay per month (housing costs)
- Property Type - Co-op, Condo, or House
- Bedrooms - Minimum number of bedrooms you need
Understanding Your Results
Result Card Colors
Monthly cost is $500+ under your budget. You have comfortable room to spare.
Monthly cost is within $500 of your budget. It's affordable but leaves little cushion. This is your "stretch" zone - these neighborhoods are at the upper limit of what you can comfortably afford.
Monthly cost exceeds your stated budget. These appear in the "Over Budget" section (hidden by default). They may still be worth exploring if you can stretch.
Price Display
Each result shows the median price (or lowest 20% if you select that option) for that neighborhood, property type, and bedroom count combination.
When the price appears in green, it means the property is comfortably within your budget.
Monthly Cost Breakdown
Each result shows the total monthly cost broken down into:
- P&I - Principal & Interest (your mortgage payment)
- Maint (Co-ops) - Maintenance fee, which includes property tax and building insurance
- Fees (Condos/Houses) - Common charges, property tax, and homeowner's insurance
The Three Constraints
NYC real estate has three factors that limit what you can afford. The calculator shows all three and highlights which one is your "binding constraint" (the limiting factor).
DTI Limit (Debt-to-Income)
Co-op boards require your total monthly housing cost to be 25% or less of your gross monthly income. Condos are more lenient at 35%. This is much stricter than the 43% limit for regular mortgages.
If "Limited By: DTI" shows, increasing income or reducing existing debt would help.
Cash Limit (Reserves)
You need cash for: 20% down payment + closing costs + post-closing reserves. Closing costs in NYC are approximately 5% below $2M and 4% at/above $2M (includes mansion tax, attorney fees, title insurance, etc.). Co-ops require 24 months of reserves (mortgage + maintenance). Condos require only 6 months.
If "Limited By: Cash" shows, saving more would increase your buying power.
Budget Limit
This is your stated monthly budget preference. Even if you qualify for more based on DTI and cash, you may choose to spend less.
If "Limited By: Budget" shows, you're choosing to be conservative - which is smart!
Property Types Explained
Co-ops (75% of NYC apartments)
You buy shares in a corporation that owns the building. Co-op boards have strict financial requirements:
- 25% maximum DTI ratio
- 24 months of post-closing reserves
- Board approval required (can reject for any reason)
- Maintenance fee covers taxes, insurance, and building upkeep
Condos
You own your unit outright. More lenient requirements:
- 35% maximum DTI ratio
- 6 months of post-closing reserves
- Right of first refusal only (can't reject qualified buyers)
- You pay property tax and insurance separately from common charges
Houses (Townhouses, Multi-family)
Traditional home ownership with no board approval:
- 35% maximum DTI ratio (standard mortgage rules)
- 6 months of post-closing reserves
- You pay property tax and insurance
- Responsible for all maintenance and repairs
Pricing Strategy
You can toggle between two pricing strategies in the advanced options:
Median Price (Default)
Shows neighborhoods where the typical (50th percentile) listing is within your budget. This is a realistic benchmark for what you'll encounter when searching.
Lowest 20% (P20)
Shows neighborhoods where cheaper options exist. The 20th percentile price means 20% of listings are at or below this price. Useful for finding deals in expensive neighborhoods you thought were out of reach.
Tips for NYC Buyers
- →Click the neighborhood name to see more details on StreetEasy
- →The "View →" button takes you directly to matching listings
- →Co-op maintenance fees vary wildly - a $1M co-op might have $800/mo or $2,500/mo maintenance
- →Being "Limited By: Budget" is often the best position - it means you have flexibility
- →Yellow-bordered results are your stretch zone - affordable but tight
- →Consider multiple bedroom options - a studio in a prime area vs 1BR in an emerging one
About the Data
Our neighborhood statistics are aggregated from active NYC listings. For each neighborhood/property type/bedroom combination, we calculate:
- Median price and 20th percentile price
- Average monthly fees (maintenance or common charges)
- Number of active listings
Data is updated monthly. Outliers like fractional ownership listings are filtered out.