Calculate using real Boston data. Median home price: $650,000. Property tax rate: 1.04%.
With the median household income of $81,744 in Boston, MA, following the 28% rule, you could afford a monthly payment of about $1,907.
The cost of living index in Boston, MA is 155 (national average = 100). A home at the median price of $650,000 would require roughly 8x the median income.
A conventional 20% down payment on the median Boston, MA home ($650,000) would be $130,000. FHA loans may require as little as 3.5% ($22,750).