Calculate using real Knoxville data. Median home price: $265,000. Property tax rate: 0.68%.
With the median household income of $41,953 in Knoxville, TN, following the 28% rule, you could afford a monthly payment of about $979.
The cost of living index in Knoxville, TN is 86 (national average = 100). A home at the median price of $265,000 would require roughly 6.3x the median income.
A conventional 20% down payment on the median Knoxville, TN home ($265,000) would be $53,000. FHA loans may require as little as 3.5% ($9,275).