How to Buy a Home on One Income: A Realistic Guide for Single Earners

Buying a home on a single income isn't just possible — it's increasingly common. According to the National Association of Realtors, single buyers make up about 30% of all home purchases. Single women alone account for roughly 19% of buyers, and single men about 10%.

But the math is different when there's only one paycheck. You don't have a partner's income to bolster your application, a second emergency fund to fall back on, or someone to split the bills with when things get tight.

This guide breaks down exactly how to make single-income homebuying work: what lenders look for, how much house you can realistically afford, and strategies to stretch one salary further than you thought possible.

How Much House Can You Afford on One Income?

The [Debt-to-Income Ratio](/blog/dti-ratio-explained)

Lenders use your debt-to-income ratio (DTI) to determine how much mortgage you can handle. DTI is calculated as:

Monthly debt payments ÷ Gross monthly income = DTI

Most loan programs cap your DTI at:

• Conventional: 45% (up to 50% with strong compensating factors)
• FHA: 43% standard (up to 57% with automated underwriting approval)
• VA: No hard cap (most lenders use 41% as a guideline)

Real Examples by Salary

Here's what different incomes can qualify for, assuming minimal existing debt and a 6.5% interest rate:

Important: These assume minimal other debt. A $400 car payment reduces your max home price by roughly $55,000–$65,000. A $300 student loan payment knocks off another $40,000–$50,000.

The Real Affordability Check

Qualifying for a loan and being comfortable with the payment are two different things. The 43% DTI maximum means the lender thinks you can make the payment. It doesn't mean you should.

A safer target for single-income buyers: keep your total housing cost (mortgage + taxes + insurance + HOA) at or below 28–30% of your gross income. This leaves breathing room for emergencies, savings, and life.

On a $65,000 salary, that's $1,517–$1,625/month for housing — which buys a $220,000–$240,000 home in many markets.

Strategies to Maximize Your Buying Power

1. Eliminate Debt Before Applying

Every $100 in monthly debt payments reduces your purchasing power by roughly $13,000–$15,000. Prioritize paying off:

• Credit cards (highest priority — high payments relative to balance)
• Car loans (if close to payoff)
• Personal loans

Student loans are trickier. If you're on an income-driven repayment plan, lenders use your actual monthly payment (could be $0) rather than the total balance. This is a significant advantage for single-income buyers.

2. Boost Your Income Before Applying

Lenders look at your most recent 2 years of income. Actions that help:

• Ask for a raise — even $3,000–$5,000 annually makes a meaningful difference to your DTI
• Take on overtime — if consistently available, lenders can count it (need 2-year history)
• Start a side gig — lenders count side income if you have a 2-year history of earning it (see our guide on side hustle income and mortgages)
• Change jobs for higher pay — staying in the same field is fine; lenders care about continuity of income, not necessarily the same employer

3. Choose the Right Loan Program

FHA loans are often the best fit for single-income buyers:

• 3.5% down payment
• More flexible DTI limits (up to 57% with strong file)
• Lower credit score requirements (580+)
• Gift funds allowed for the entire down payment

Conventional 97 or HomeReady/Home Possible:

• 3% down payment
• HomeReady counts rental income from boarders/roommates
• Income limits apply in some areas (check Fannie Mae's lookup tool)

VA loans (if you're a veteran):

• Zero down payment
• No PMI
• Competitive rates
• Residual income test is often more favorable than DTI for single buyers

USDA loans:

• Zero down payment
• Income limits apply
• Property must be in eligible area
• Great option for single-income buyers in suburban/rural markets

4. Use a Co-Signer (Carefully)

A co-signer with good credit and income strengthens your application without being on the title. They're promising to pay if you can't.

The reality of co-signing:

• The mortgage appears on both your and the co-signer's credit reports
• If you miss a payment, their credit gets damaged too
• Some lenders don't allow non-occupant co-signers on certain loan types
• FHA allows non-occupant co-borrowers (family members)

Only ask someone to co-sign if you're genuinely confident in your ability to make payments. And make sure the co-signer understands the risk.

5. Get [Down Payment Assistance](/blog/down-payment-assistance-programs)

As a single-income buyer, [down payment assistance programs](/blog/first-time-homebuyer-grants-2026) can be game-changing:

• State HFA programs — most states offer grants or forgivable loans of $5,000–$25,000 for qualified buyers
• Local programs — cities and counties often have additional programs, especially for first-time buyers
• Employer assistance — some companies offer $5,000–$20,000 in homebuyer support
• Nonprofit programs — organizations like Habitat for Humanity, NACA (Neighborhood Assistance Corporation of America), and local CDFIs offer low- or no-down-payment options

NACA deserves special mention: they offer below-market-rate mortgages with no down payment, no closing costs, and no PMI, regardless of credit score. The trade-off is a lengthy application process and required participation in their workshops.

6. Consider a Roommate Strategy

Buy a home with an extra bedroom and rent it out. A roommate paying $600–$900/month effectively gives you a second income for housing:

• On a $1,800 mortgage, a $700 roommate payment means your net cost is $1,100
• Some loan programs (HomeReady) let you count projected rental income from a boarder on your application
• If you buy a duplex or home with an ADU, you can count rental income from the other unit

This is one of the most powerful strategies for single-income buyers, and it's underused.

7. Look at Different Markets

If you work remotely, your income doesn't have to match your local housing costs:

• The same $65,000 salary that buys nothing in San Francisco buys a solid 3-bedroom home in Raleigh, San Antonio, Columbus, or dozens of other metros
• Even a 30-minute commute expansion can cut prices 20–30% in many areas
• Up-and-coming suburbs often offer the best value: newer construction, lower prices, appreciating values

8. Buy Less House Than You Qualify For

This is the most important strategy and the hardest to follow. As a single-income buyer, you have zero margin for error. If you lose your job, get sick, or face a major repair, there's no partner's income to carry the household.

Rule of thumb: Buy at a payment that you could sustain on unemployment benefits or a reduced income for 3–6 months while you recover. This usually means buying 10–20% less than your maximum approval.

Budgeting as a Single-Income Homeowner

The 50/30/20 Rule Adapted for Solo [Homeowners](/blog/home-insurance-savings)

• 50% needs: Mortgage, taxes, insurance, utilities, groceries, transportation, minimum debt payments
• 20% savings: Emergency fund, retirement, home maintenance fund
• 30% wants: Everything else

The key line item most single homeowners miss: a dedicated home maintenance fund. Budget 1–2% of your home's value per year. On a $300,000 home, that's $250–$500/month set aside for repairs, appliances, and maintenance. When the water heater dies at midnight, you need cash — not a credit card.

Emergency Fund: Non-Negotiable

As a single-income homeowner, your emergency fund should be 6 months of total housing costs plus essential expenses. Not 3 months. Six.

If your total monthly obligations (mortgage + utilities + food + transportation + insurance + debt minimums) are $3,500, you need $21,000 in liquid savings before buying.

This protects you from:

• Job loss
• Medical emergencies
• Major home repairs
• Any gap between when a crisis hits and when you recover

The Hidden Costs of Homeownership

Budget for these before buying:

• Property taxes: Vary wildly by location ($1,000–$15,000+/year)
• [Homeowners insurance](/blog/homeowners-insurance-complete-guide): $1,200–$3,000/year depending on location and coverage
• HOA fees: $0 (no HOA) to $200–$600/month for condos/planned communities
• Utilities: Often higher than renting, especially if going from an apartment to a house ($200–$400/month)
• Maintenance and repairs: 1–2% of [home value](/blog/appraisal-process-explained) per year
• Lawn care, pest control, etc.: $100–$300/month if outsourced

A $1,500 mortgage easily becomes $2,200–$2,800 in total monthly housing costs.

Tax Advantages for Single Homeowners

Homeownership comes with tax benefits that help single-income buyers:

• Mortgage interest deduction: Deduct interest on up to $750,000 of mortgage debt (you must itemize)
• Property tax deduction: Deduct up to $10,000 in state and local taxes (SALT cap)
• [Capital gains exclusion](/blog/home-sale-exclusion-guide): When you sell, exclude up to $250,000 in profit from capital gains taxes (single filers, must live in home 2 of the last 5 years)
• Home office deduction: If you work from home (self-employed), deduct a portion of your housing costs

Whether itemizing makes sense depends on your total deductions. For a single filer, you need more than the standard deduction ($15,700 in 2026) for itemizing to help. In the early years of a mortgage when interest payments are highest, many single homeowners benefit from itemizing.

First-Time Single Buyer Mistakes to Avoid

Buying at the Top of Your Budget

When a lender says you can afford $350,000, that's the maximum — not the recommendation. Single-income buyers who max out their approval are one unexpected expense away from financial stress. Leave room.

Skipping the Inspection

Never skip the home inspection to win a bidding war. As a single buyer, you can't afford a $15,000 surprise foundation repair or a $8,000 HVAC replacement right after closing. An inspection costs $300–$500 and could save you five figures.

Ignoring Future Income Changes

Are you planning a career change? Going back to school? Starting a business? Factor potential income disruptions into your timeline. Buy when your income is stable and predictable.

Not Having a Post-Purchase Plan

Have a plan for:

• What happens if you lose your job (emergency fund + timeline to find new work)
• How you'll handle major repairs (maintenance fund + home warranty for the first year)
• When you'll revisit the roommate option if money gets tight
• At what point you'd consider selling if the home becomes unaffordable

Frequently Asked Questions

Can I buy a house making $50,000 a year?

Yes. With minimal debt and an FHA loan, a $50,000 salary can qualify you for a home in the $200,000–$250,000 range. In many U.S. markets, that buys a decent starter home. Down payment assistance programs and the roommate strategy can make it even more feasible.

Is it better to wait and save more or buy now?

If you have stable income, minimal debt, a solid emergency fund, and housing costs in your area are rising faster than you can save, buying sooner is often better financially. Every year you wait in a market appreciating at 3–5% means the same house costs $10,000–$20,000 more. But never buy before you're financially ready — rushed purchases lead to foreclosures.

How do I compete with dual-income buyers in a hot market?

Focus on what you can control: strong pre-approval, clean offer with minimal contingencies (but keep the inspection!), flexible closing date, and personal touch (some sellers care about who buys their home). Consider properties that dual-income buyers overlook — condos, townhomes, homes that need cosmetic updates, or slightly less popular neighborhoods.

Should I buy a condo or a house?

Condos often make sense for single buyers: lower purchase price, exterior maintenance handled by the HOA, and often located in more convenient areas. The trade-off is HOA fees ($200–$600/month) and less control over your property. Run the numbers both ways — sometimes a small house with no HOA costs less monthly than a condo.

Can I use alimony or child support as income?

Yes, if you can document that you'll receive it for at least 3 years from the date of your mortgage application. You'll need your divorce decree or court order and proof of receipt (bank statements showing consistent deposits for the last 6–12 months).

What if I'm self-employed with one income?

Self-employed single buyers face extra scrutiny. You'll need:

• 2 years of tax returns (personal and business)
• Profit-and-loss statements
• Lenders average your last 2 years of net income (not gross)
• Write-offs reduce your taxable income but also reduce your qualifying income — talk to a CPA about balancing tax efficiency with mortgage qualification

You Can Do This

Buying a home alone is harder than buying with a partner. That's a fact. But "harder" doesn't mean "impossible," and it doesn't mean "not worth it."

Every mortgage payment builds your equity. Every year of homeownership gives you more financial stability. And every challenge you navigate as a solo homeowner proves what you already know — you're capable of more than the math suggests.

Start with your budget. Figure out your real numbers. Talk to a lender. And take the first step.

Related Articles

• Down Payment Assistance Programs in 2026: Complete Guide
• Property Taxes Explained: How They Work and How to Reduce Them
• How to Challenge Your Property Tax Assessment (And Win)