Calculate using real Dayton data. Median home price: $115,000. Property tax rate: 1.75%.
With the median household income of $33,485 in Dayton, OH, following the 28% rule, you could afford a monthly payment of about $781.
The cost of living index in Dayton, OH is 80 (national average = 100). A home at the median price of $115,000 would require roughly 3.4x the median income.
A conventional 20% down payment on the median Dayton, OH home ($115,000) would be $23,000. FHA loans may require as little as 3.5% ($4,025).