Calculate using real Jackson data. Median home price: $125,000. Property tax rate: 1.1%.
With the median household income of $36,520 in Jackson, MS, following the 28% rule, you could afford a monthly payment of about $852.
The cost of living index in Jackson, MS is 80 (national average = 100). A home at the median price of $125,000 would require roughly 3.4x the median income.
A conventional 20% down payment on the median Jackson, MS home ($125,000) would be $25,000. FHA loans may require as little as 3.5% ($4,375).