Calculate using real Akron data. Median home price: $115,000. Property tax rate: 1.68%.
With the median household income of $38,576 in Akron, OH, following the 28% rule, you could afford a monthly payment of about $900.
The cost of living index in Akron, OH is 82 (national average = 100). A home at the median price of $115,000 would require roughly 3x the median income.
A conventional 20% down payment on the median Akron, OH home ($115,000) would be $23,000. FHA loans may require as little as 3.5% ($4,025).