Calculate using real Baltimore data. Median home price: $195,000. Property tax rate: 2.25%.
With the median household income of $54,124 in Baltimore, MD, following the 28% rule, you could afford a monthly payment of about $1,263.
The cost of living index in Baltimore, MD is 105 (national average = 100). A home at the median price of $195,000 would require roughly 3.6x the median income.
A conventional 20% down payment on the median Baltimore, MD home ($195,000) would be $39,000. FHA loans may require as little as 3.5% ($6,825).