Calculate using real Amarillo data. Median home price: $190,000. Property tax rate: 1.75%.
With the median household income of $53,168 in Amarillo, TX, following the 28% rule, you could afford a monthly payment of about $1,241.
The cost of living index in Amarillo, TX is 83 (national average = 100). A home at the median price of $190,000 would require roughly 3.6x the median income.
A conventional 20% down payment on the median Amarillo, TX home ($190,000) would be $38,000. FHA loans may require as little as 3.5% ($6,650).