Calculate using real Buffalo data. Median home price: $175,000. Property tax rate: 2.41%.
With the median household income of $40,275 in Buffalo, NY, following the 28% rule, you could afford a monthly payment of about $940.
The cost of living index in Buffalo, NY is 87 (national average = 100). A home at the median price of $175,000 would require roughly 4.3x the median income.
A conventional 20% down payment on the median Buffalo, NY home ($175,000) would be $35,000. FHA loans may require as little as 3.5% ($6,125).