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How Much House Can You Afford?

Calculate your home buying budget based on income, debts, and down payment. Then explore Des Moines neighborhoods that fit your budget, or estimate your monthly payment with our mortgage calculator.

$300-350K DSM Midpoint Band (July 2026)
3-5% Min Down
30 sec Calculate
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Calculate Your Budget

Car loans, student loans, credit cards, etc.
Selling a home? Estimate your net proceeds first.

Your Home Budget

Maximum Home Price
$0
Based on 28% debt-to-income ratio
Estimated Monthly Payment
$0
Principal, interest, taxes, insurance

Payment Breakdown

Principal & Interest: $0
Property Taxes (est): $0
Homeowners Insurance: $0
PMI (if applicable): $0

Want this run on a real house? Send the listing and within 1 business day you get what it would go for, an estimated monthly cost with Iowa taxes and insurance, and what an inspection is likely to find. In writing.

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Understanding Affordability

These rules help ensure you can comfortably afford your home. Want to see exact monthly numbers? Try our mortgage calculator.

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28% Rule

Monthly housing payment (PITI) shouldn't exceed 28% of your gross monthly income. Calculate your PITI breakdown.

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36% Total Debt

Total monthly debts (housing + car + loans) should stay below 36% of gross income.

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Down Payment

20% avoids PMI, but many buyers qualify with just 3-5% through FHA or first-time programs. Not sure whether to buy? Compare renting vs buying.

Factors That Affect Your Budget

Increase Your Budget

  • Pay down existing debts before applying
  • Improve credit score for lower rates
  • Save a larger down payment
  • Shop for the best mortgage rates
  • Include co-borrower income

Hidden Costs to Budget

  • Property taxes (1.5-2% in Iowa)
  • Homeowners insurance ($1K-$2K/year)
  • PMI if less than 20% down
  • Maintenance (1% of value/year) — plan with our calendar
  • Closing costs (2-5% of price)

Move-Up & Downsizing Buyers

Iowa First-Time Buyer Programs

  • Iowa Finance Authority FirstHome
  • Down payment assistance available
  • FHA loans (3.5% down)
  • Conventional 97 (3% down)
  • VA loans (0% for veterans)

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Continue planning with these free calculators and planning tools.

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Rent vs. Buy
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Net Proceeds
What you'll walk away with
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Retirement Budget
Plan housing for retirement

Des Moines Neighborhoods by Budget

See which areas fit your price range. Compare neighborhoods by price, schools, and commute, or explore school districts if you have children.

Carlisle

$275K

Small-town, affordable

Pleasant Hill

$315K

Value + schools

Altoona

$340K

Entertainment hub

Norwalk

$345K

South side growth

Grimes

$365K

NW new construction

Urbandale

$365K

Central, convenient

Johnston

$390K

Established neighborhoods

Waukee

$390K

Fastest growing
View All Neighborhoods →

Affordability FAQs

How much house can I afford on $75,000 salary?
On $75K with minimal debt, you can typically afford $275K-$325K. This uses the 28% rule at current rates (~7%). Your down payment and existing debts significantly impact this range. Use our mortgage calculator to see exact monthly payments at different price points.
What is the 28/36 rule?
The 28/36 rule is a lender guideline: housing costs shouldn't exceed 28% of gross income (front-end), and total debts shouldn't exceed 36% (back-end). This ensures comfortable affordability.
Do I need 20% down payment?
No! Many buyers use 3-5% down through FHA, Conventional 97, or first-time buyer programs. VA loans offer 0% down for veterans. 20% avoids PMI but isn't required. Not sure if you should buy? Compare renting vs buying to see what makes sense for you.
What credit score do I need?
Minimums vary: FHA needs 580+, Conventional needs 620+, VA typically 620+. Higher scores (740+) get better rates. A 0.5% rate difference saves tens of thousands over the loan.
I'm selling my home to buy another. How do I calculate my budget?
First, estimate your net proceeds from your current home sale. Then add that to your down payment savings and run this calculator. Timing your sale strategically can also maximize your budget for the next home.
What neighborhoods can I afford in Des Moines?
Des Moines has options at every price point. More affordable options like Indianola and Pleasant Hill run about $305-315K. West Des Moines and Ankeny sit around $345K. Premium areas like Waukee and Clive run $390K-$500K+. Compare neighborhoods to find your best fit.
How accurate is this calculator?
This provides estimates based on standard 28/36 ratios. Actual pre-approval may vary based on credit, loan type, and lender requirements. Always get official pre-approval before making offers. Schedule a consultation and I'll connect you with trusted local lenders.

Ready to Start House Hunting?

Now that you know your budget, let's find your perfect Des Moines home. I'll connect you with trusted lenders for pre-approval and help you navigate which neighborhoods fit your goals.

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Sarah Ingles, REALTOR® SRES®

Smart Move Des Moines | Fathom Realty

📞 563-513-8771 | ✉️ sarah@smartmovedsm.com

The numbers, in writing, within 1 business day. Get my numbers in writing Book a 30-Minute Call (563) 513-8771
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