Calculate using real Denton data. Median home price: $320,000. Property tax rate: 1.85%.
With the median household income of $58,342 in Denton, TX, following the 28% rule, you could afford a monthly payment of about $1,361.
The cost of living index in Denton, TX is 92 (national average = 100). A home at the median price of $320,000 would require roughly 5.5x the median income.
A conventional 20% down payment on the median Denton, TX home ($320,000) would be $64,000. FHA loans may require as little as 3.5% ($11,200).