Calculate using real Arlington data. Median home price: $285,000. Property tax rate: 1.88%.
With the median household income of $61,963 in Arlington, TX, following the 28% rule, you could afford a monthly payment of about $1,446.
The cost of living index in Arlington, TX is 93 (national average = 100). A home at the median price of $285,000 would require roughly 4.6x the median income.
A conventional 20% down payment on the median Arlington, TX home ($285,000) would be $57,000. FHA loans may require as little as 3.5% ($9,975).