Calculate using real Corona data. Median home price: $580,000. Property tax rate: 0.88%.
With the median household income of $93,172 in Corona, CA, following the 28% rule, you could afford a monthly payment of about $2,174.
The cost of living index in Corona, CA is 125 (national average = 100). A home at the median price of $580,000 would require roughly 6.2x the median income.
A conventional 20% down payment on the median Corona, CA home ($580,000) would be $116,000. FHA loans may require as little as 3.5% ($20,300).