Can I Qualify for a Mortgage Making $30 an Hour?

That was the question — and it kicked off a real and eye-opening conversation I recently had with someone dreaming about homeownership. Like so many people, they weren’t sure if their income was “enough” to buy a home. So we rolled up our sleeves and crunched the numbers together.

Here’s how it played out — and what you might learn from it too.

Step 1: Understanding the Income
First things first, we had to figure out what $30 an hour looks like annually:

$30/hour × 40 hours/week × 52 weeks/year = $62,400/year
That’s the gross income — the amount before taxes and deductions.
Lenders don’t look at your take-home pay when deciding how much you can borrow — they use your gross monthly income, so:

$62,400 ÷ 12 = $5,200/month gross income
This monthly figure becomes the foundation for all the mortgage calculations.

Step 2: Applying the 45% Rule
Most mortgage lenders follow a guideline known as the debt-to-income (DTI) ratio, which caps your total monthly debt payments at about 45% of your gross income. That includes your mortgage, property taxes, insurance, and any other monthly debt like car loans or credit card minimums.

So we did the math:

45% of $5,200 = $2,340
That’s the maximum total that can go toward all monthly debt payments combined.

Step 3: Subtracting Existing Debts
This person had a couple of other obligations:

Car loan: $400/month
Credit card minimums: $100/month
Total other debts = $500/month
So we subtracted that from the allowed debt load:

$2,340 – $500 = $1,840/month left for housing
That $1,840 is what a lender would likely allow for all housing-related costs: principal, interest, property taxes, mortgage insurance, and homeowners insurance.

Step 4: Translating That Into a Mortgage
Mortgage calculators help estimate what that $1,840 can afford — and while it depends on the interest rate, property tax rate, and other local variables, here’s a ballpark:

At today’s average interest rates (let’s say around 6.5%)
With a 5% down payment
Assuming average property taxes and insurance
That $1,840 monthly housing budget would support a home price around $210,000 with a loan of about $200,000.

So, Can You Qualify?
Yes — you can qualify for a mortgage making $30 an hour.

It may not buy a downtown condo in a major metro area, but it absolutely opens the door to homeownership in many markets across the U.S., especially with first-time buyer programs or support with down payments.

Key Takeaways
You don’t need six figures to buy a home — you need a plan.
Understanding your gross income and debts is the first step.
A steady hourly wage can translate into mortgage approval — and real estate can be a path toward long-term stability and wealth.
Talking to a trusted lender or advisor can turn those “I wonder if I can…” questions into real possibilities.

If you’re in a similar spot — curious, hopeful, and unsure where to start — consider this your sign to start the conversation. Because with the right guidance, $30 an hour can go a long way.