Calculate using real Chattanooga data. Median home price: $265,000. Property tax rate: 0.66%.
With the median household income of $48,510 in Chattanooga, TN, following the 28% rule, you could afford a monthly payment of about $1,132.
The cost of living index in Chattanooga, TN is 88 (national average = 100). A home at the median price of $265,000 would require roughly 5.5x the median income.
A conventional 20% down payment on the median Chattanooga, TN home ($265,000) would be $53,000. FHA loans may require as little as 3.5% ($9,275).