How much house can I afford at 28 on $150k income? (single)
Priya, 28, in Minneapolis, MN
exampleSingle, no kids · $150k/yr household income
They're renting in Minneapolis and ready to buy their first place, without becoming house-poor.
28, single, $150k/yr, with $24k in liquid savings for a down payment (plus $72k in retirement, which is harder to use for one: penalties, taxes, or a loan). Most people overestimate how much house that buys. Here's the modeled number, and what changes it.
The setup
Age
28
Household income
$150,000/yr
Household
Single earner
Liquid savings
$24,000
Retirement savings
$72,000
Down payment
17–35%
Mortgage
6.5%, 30-yr fixed
Investing return
7%/yr
Wait 2 years and your $600,000 target becomes reachable
$610,000
Max home in 2028, $610,000 more than today's $0
Max Home Now
Not affordable
Max in 2yr
$610,000
Target Price
$600,000
Liquid Assets
$24,000
Your max home today is $0. By waiting 2 years, your max grows to $610,000, an additional $610,000 in buying power from savings and income growth.
| Scenario | Buy Year | Price | Down % | Monthly PITI | Cash Left | Retire NW | Retirement Feasible | Max Home |
|---|---|---|---|---|---|---|---|---|
| Now | 2026 | Keep renting | — | — | — | $17,638,822 ($5.9M in today's dollars) | Secure | Not affordable |
| 2yr | 2028 | $600,000 | 17% | $3,943 | $27,759 | $15,484,569 ($5.2M in today's dollars) | Secure | $610,000 |
| 5yr | 2031 | $600,000 | 31% | $3,405 | $103,672 | $16,400,781 ($5.5M in today's dollars) | Secure | $765,000 |
| 10yr | 2036 | $600,000 | 35% | $3,282 | $468,897 | $17,265,083 ($5.8M in today's dollars) | Secure | $890,000 |
Home ownership involves emotional and lifestyle factors beyond financial returns, community, stability, and personal fulfillment matter too. Max home prices reflect lender approval limits; your comfort level may be different.
Your real number depends on your savings, debts, and city. The averages above are a starting point. Model your exact situation and get your verdict.
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Get my verdict →Frequently asked
How much house can a single household earning $150k at 28 afford?
Wait 2 years and your $600,000 target becomes reachable
Max home in 2028, $610,000 more than today's $0
$610,000, modeled with Rightmont's projection engine for this exact scenario.
How was this calculated?
Rightmont runs your numbers through a year-by-year projection engine (taxes, compounding, Social Security, and your real cashflow) to model the outcome. Model your own version free in under a minute.
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For educational purposes only, not financial advice.