Calculate using real Laredo data. Median home price: $185,000. Property tax rate: 1.87%.
With the median household income of $43,578 in Laredo, TX, following the 28% rule, you could afford a monthly payment of about $1,017.
The cost of living index in Laredo, TX is 80 (national average = 100). A home at the median price of $185,000 would require roughly 4.2x the median income.
A conventional 20% down payment on the median Laredo, TX home ($185,000) would be $37,000. FHA loans may require as little as 3.5% ($6,475).