Calculate using real Lakewood data. Median home price: $490,000. Property tax rate: 0.55%.
With the median household income of $68,715 in Lakewood, CO, following the 28% rule, you could afford a monthly payment of about $1,603.
The cost of living index in Lakewood, CO is 115 (national average = 100). A home at the median price of $490,000 would require roughly 7.1x the median income.
A conventional 20% down payment on the median Lakewood, CO home ($490,000) would be $98,000. FHA loans may require as little as 3.5% ($17,150).