Calculate using real Chicago data. Median home price: $310,000. Property tax rate: 1.73%.
With the median household income of $66,576 in Chicago, IL, following the 28% rule, you could afford a monthly payment of about $1,553.
The cost of living index in Chicago, IL is 105 (national average = 100). A home at the median price of $310,000 would require roughly 4.7x the median income.
A conventional 20% down payment on the median Chicago, IL home ($310,000) would be $62,000. FHA loans may require as little as 3.5% ($10,850).