Calculate using real Clearwater data. Median home price: $310,000. Property tax rate: 0.87%.
With the median household income of $50,892 in Clearwater, FL, following the 28% rule, you could afford a monthly payment of about $1,187.
The cost of living index in Clearwater, FL is 100 (national average = 100). A home at the median price of $310,000 would require roughly 6.1x the median income.
A conventional 20% down payment on the median Clearwater, FL home ($310,000) would be $62,000. FHA loans may require as little as 3.5% ($10,850).