Calculate using real Cincinnati data. Median home price: $200,000. Property tax rate: 1.69%.
With the median household income of $46,077 in Cincinnati, OH, following the 28% rule, you could afford a monthly payment of about $1,075.
The cost of living index in Cincinnati, OH is 90 (national average = 100). A home at the median price of $200,000 would require roughly 4.3x the median income.
A conventional 20% down payment on the median Cincinnati, OH home ($200,000) would be $40,000. FHA loans may require as little as 3.5% ($7,000).