CALCMONEY // HOME AFFORDABILITY // MD // SILVER SPRING
How much house can you afford in Silver Spring? Based on local median home prices, current MD mortgage rates, and Silver Spring property tax data.
$385,000
$2,498/mo
$107,039/yr
$223,006
Monthly housing costs of $2,498 represent 42.1% of Silver Spring's median gross monthly income ($5,933/mo). At 42.1%, median-income buyers in Silver Spring are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $385,000 |
| Down Payment (20%) | $77,000 |
| Loan Amount | $308,000 |
| Monthly PI Payment | $1,987 |
| Monthly Property Tax | $350 |
| Monthly Insurance Est. | $160 |
| Total Monthly PITI | $2,498 |
| Housing Cost % of Income | 42.1% |
| Required Income (28% rule) | $107,039/yr |
| Max Affordable Home | $223,006 |
$13,475
$3,171/mo
Silver Spring Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $385,000 | Silver Spring city median |
| Down Payment (20%) | $77,000 | Conventional loan |
| Monthly PITI | $2,498 | 6.7% rate, 30yr fixed |
| Required Income (28% rule) | $107,039 | Annual gross |
| Max Affordable Home | $223,006 | Based on median income |
| FHA Down (3.5%) | $13,475 | Minimum FHA |
| Housing Cost % of Income | 42.1% | Median income: $71,200/yr |
| Property Tax Rate | 1.09% | $4,197/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Silver Spring is $385,000, with a local 30-year mortgage rate of 6.7%. A buyer putting 20% down carries a loan of $308,000, generating a monthly P&I payment of $1,987. Adding property taxes ($350/mo) and homeowners insurance ($160/mo) brings total monthly PITI to $2,498.
Silver Spring's property tax rate of 1.09% is near the national average, adding a standard increment to monthly housing costs. On the Silver Spring median home, that is $350/month, or $4,197 per year.
Maryland levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Silver Spring should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Silver Spring's median income of $71,200/year can afford up to $1,661/month in total housing costs. Based on Silver Spring's mortgage rate of 6.7% and property tax rate of 1.09%, that translates to a maximum affordable home price of approximately $223,006 with 20% down on a 30-year loan.
To afford the median Silver Spring home priced at $385,000, you need an annual gross income of approximately $107,039. Total monthly housing costs (principal and interest of $1,987, property taxes of $350, and insurance of $160) come to $2,498/month, which equals 28% of the required income.
At the median home price of $385,000 and median household income of $71,200, the total monthly housing cost of $2,498 represents 42.1% of gross monthly income. This is well above the standard 28% threshold, making Silver Spring a challenging market for buyers at median income.
A conventional 20% down payment on the median Silver Spring home of $385,000 is $77,000. An FHA loan requires just 3.5% down — $13,475 — but adds mortgage insurance of roughly $263/month, bringing total FHA payments to $3,171/month.
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