Calculate using real Cedar Rapids data. Median home price: $185,000. Property tax rate: 1.6%.
With the median household income of $60,372 in Cedar Rapids, IA, following the 28% rule, you could afford a monthly payment of about $1,409.
The cost of living index in Cedar Rapids, IA is 86 (national average = 100). A home at the median price of $185,000 would require roughly 3.1x the median income.
A conventional 20% down payment on the median Cedar Rapids, IA home ($185,000) would be $37,000. FHA loans may require as little as 3.5% ($6,475).