Calculate using real Hampton data. Median home price: $220,000. Property tax rate: 1.04%.
With the median household income of $51,230 in Hampton, VA, following the 28% rule, you could afford a monthly payment of about $1,195.
The cost of living index in Hampton, VA is 90 (national average = 100). A home at the median price of $220,000 would require roughly 4.3x the median income.
A conventional 20% down payment on the median Hampton, VA home ($220,000) would be $44,000. FHA loans may require as little as 3.5% ($7,700).