Calculate using real Charleston data. Median home price: $420,000. Property tax rate: 0.55%.
With the median household income of $72,410 in Charleston, SC, following the 28% rule, you could afford a monthly payment of about $1,690.
The cost of living index in Charleston, SC is 112 (national average = 100). A home at the median price of $420,000 would require roughly 5.8x the median income.
A conventional 20% down payment on the median Charleston, SC home ($420,000) would be $84,000. FHA loans may require as little as 3.5% ($14,700).