Calculate using real Elgin data. Median home price: $265,000. Property tax rate: 1.95%.
With the median household income of $72,830 in Elgin, IL, following the 28% rule, you could afford a monthly payment of about $1,699.
The cost of living index in Elgin, IL is 92 (national average = 100). A home at the median price of $265,000 would require roughly 3.6x the median income.
A conventional 20% down payment on the median Elgin, IL home ($265,000) would be $53,000. FHA loans may require as little as 3.5% ($9,275).