Calculate using real Bellevue data. Median home price: $1,050,000. Property tax rate: 0.88%.
With the median household income of $130,740 in Bellevue, WA, following the 28% rule, you could afford a monthly payment of about $3,051.
The cost of living index in Bellevue, WA is 175 (national average = 100). A home at the median price of $1,050,000 would require roughly 8x the median income.
A conventional 20% down payment on the median Bellevue, WA home ($1,050,000) would be $210,000. FHA loans may require as little as 3.5% ($36,750).