Calculate using real Aurora data. Median home price: $260,000. Property tax rate: 1.82%.
With the median household income of $74,532 in Aurora, IL, following the 28% rule, you could afford a monthly payment of about $1,739.
The cost of living index in Aurora, IL is 95 (national average = 100). A home at the median price of $260,000 would require roughly 3.5x the median income.
A conventional 20% down payment on the median Aurora, IL home ($260,000) would be $52,000. FHA loans may require as little as 3.5% ($9,100).