Calculate using real Alexandria data. Median home price: $580,000. Property tax rate: 1.07%.
With the median household income of $103,486 in Alexandria, VA, following the 28% rule, you could afford a monthly payment of about $2,415.
The cost of living index in Alexandria, VA is 145 (national average = 100). A home at the median price of $580,000 would require roughly 5.6x the median income.
A conventional 20% down payment on the median Alexandria, VA home ($580,000) would be $116,000. FHA loans may require as little as 3.5% ($20,300).