How much income do I need to buy a $650,000 home in Durham?
By Natalia Halenda, Sales Representative, RE/MAX Jazz Inc., Brokerage. Updated
The short answer
You need about $142,000 of household income with no other debts, at the minimum down payment and a 4.34% five year fixed rate. Lenders test you at 6.34%, not your actual rate, and your housing costs at that rate have to fit within 39% of your gross income.
From the guide: How much does it cost to buy a home in Durham Region in 2026?
More questions from this guide
General information, not legal, tax or mortgage advice. Rates, prices and rebate rules change often. Confirm the details with your real estate lawyer and a licensed mortgage professional before you make a decision.