Calculate using real Lansing data. Median home price: $140,000. Property tax rate: 1.62%.
With the median household income of $41,850 in Lansing, MI, following the 28% rule, you could afford a monthly payment of about $977.
The cost of living index in Lansing, MI is 82 (national average = 100). A home at the median price of $140,000 would require roughly 3.3x the median income.
A conventional 20% down payment on the median Lansing, MI home ($140,000) would be $28,000. FHA loans may require as little as 3.5% ($4,900).