Calculate using real Joliet data. Median home price: $235,000. Property tax rate: 2.05%.
With the median household income of $72,450 in Joliet, IL, following the 28% rule, you could afford a monthly payment of about $1,691.
The cost of living index in Joliet, IL is 92 (national average = 100). A home at the median price of $235,000 would require roughly 3.2x the median income.
A conventional 20% down payment on the median Joliet, IL home ($235,000) would be $47,000. FHA loans may require as little as 3.5% ($8,225).