Calculate using real Indianapolis data. Median home price: $230,000. Property tax rate: 0.85%.
With the median household income of $51,432 in Indianapolis, IN, following the 28% rule, you could afford a monthly payment of about $1,200.
The cost of living index in Indianapolis, IN is 90 (national average = 100). A home at the median price of $230,000 would require roughly 4.5x the median income.
A conventional 20% down payment on the median Indianapolis, IN home ($230,000) would be $46,000. FHA loans may require as little as 3.5% ($8,050).