Calculate using real Jacksonville data. Median home price: $295,000. Property tax rate: 0.89%.
With the median household income of $58,263 in Jacksonville, FL, following the 28% rule, you could afford a monthly payment of about $1,359.
The cost of living index in Jacksonville, FL is 93 (national average = 100). A home at the median price of $295,000 would require roughly 5.1x the median income.
A conventional 20% down payment on the median Jacksonville, FL home ($295,000) would be $59,000. FHA loans may require as little as 3.5% ($10,325).