Calculate using real Dallas data. Median home price: $350,000. Property tax rate: 1.8%.
With the median household income of $58,210 in Dallas, TX, following the 28% rule, you could afford a monthly payment of about $1,358.
The cost of living index in Dallas, TX is 98 (national average = 100). A home at the median price of $350,000 would require roughly 6x the median income.
A conventional 20% down payment on the median Dallas, TX home ($350,000) would be $70,000. FHA loans may require as little as 3.5% ($12,250).