Calculate using real Garland data. Median home price: $275,000. Property tax rate: 1.88%.
With the median household income of $62,310 in Garland, TX, following the 28% rule, you could afford a monthly payment of about $1,454.
The cost of living index in Garland, TX is 92 (national average = 100). A home at the median price of $275,000 would require roughly 4.4x the median income.
A conventional 20% down payment on the median Garland, TX home ($275,000) would be $55,000. FHA loans may require as little as 3.5% ($9,625).