Calculate using real Houston data. Median home price: $300,000. Property tax rate: 1.82%.
With the median household income of $57,791 in Houston, TX, following the 28% rule, you could afford a monthly payment of about $1,348.
The cost of living index in Houston, TX is 95 (national average = 100). A home at the median price of $300,000 would require roughly 5.2x the median income.
A conventional 20% down payment on the median Houston, TX home ($300,000) would be $60,000. FHA loans may require as little as 3.5% ($10,500).