Calculate using real El Paso data. Median home price: $195,000. Property tax rate: 1.92%.
With the median household income of $48,866 in El Paso, TX, following the 28% rule, you could afford a monthly payment of about $1,140.
The cost of living index in El Paso, TX is 82 (national average = 100). A home at the median price of $195,000 would require roughly 4x the median income.
A conventional 20% down payment on the median El Paso, TX home ($195,000) would be $39,000. FHA loans may require as little as 3.5% ($6,825).