Calculate using real Detroit data. Median home price: $100,000. Property tax rate: 2.78%.
With the median household income of $34,762 in Detroit, MI, following the 28% rule, you could afford a monthly payment of about $811.
The cost of living index in Detroit, MI is 85 (national average = 100). A home at the median price of $100,000 would require roughly 2.9x the median income.
A conventional 20% down payment on the median Detroit, MI home ($100,000) would be $20,000. FHA loans may require as little as 3.5% ($3,500).