Households Earning $130,000 or More Can Own a Home in Berkeley
Find out how much home fits your budget.
That dream home in a dream neighborhood may be closer than you think.
Buying in Berkeley may feel out of reach, but the numbers tell a different story.
In fact, everyone's talking about interest rates dropping. They hit 6.29% yesterday! These lower rates increase the buying power for many people by hundreds of thousands of dollars.
So...what kind of house could you own?
Lenders use a simple guideline called the 28% rule: you can safely spend up to 28% of your gross income on your monthly mortgage (principal and interest). Here’s what that means in Berkeley:
Household income of $130,000
• Monthly budget: ≈ $3,033
• Supports a loan of about $491,000
• With 10% down: ≈ $545,000 home
• With 20% down: ≈ $613,000 home
Household income of $200,000
• Monthly budget: ≈ $4,667
• Supports a loan of about $755,000
• With 10% down: ≈ $839,000 home
• With 20% down: ≈ $943,000 home
Household income of $300,000
• Monthly budget: ≈ $7,000
• Supports a loan of about $1,132,000
• With 10% down: ≈ $1.26 million home
• With 20% down: ≈ $1.42 million home
A family earning $130,000 or more can afford a Berkeley home in the $545,000+ range — right in line with our current listings. A family earning $300,000 can afford any of the homes we have for sale.
With interest rates dropping, our homes are making home ownership accessible for even more buyers!
We are dedicated to making ownership accessible for all by bringing innovative, vibrant, creative single-family homes to amazing neighborhoods.
There are many more single family home options. Contact us to see our 10+ upcoming single-family homes. We have a no-pressure, information-only, educational sales process. You deserve options, and we have them for you.
A household earning $160,000 can afford this incredible home.
With an annual income of $160,000, a family can have a home with:
- a private yard
- a new modern kitchen and bath
- 2 bedrooms
- walking/bicycling access to schools, churches, cafes and both Berkeley Bowls!
