Calculate using real Cary data. Median home price: $450,000. Property tax rate: 0.88%.
With the median household income of $112,380 in Cary, NC, following the 28% rule, you could afford a monthly payment of about $2,622.
The cost of living index in Cary, NC is 108 (national average = 100). A home at the median price of $450,000 would require roughly 4x the median income.
A conventional 20% down payment on the median Cary, NC home ($450,000) would be $90,000. FHA loans may require as little as 3.5% ($15,750).