Calculate using real Lexington data. Median home price: $265,000. Property tax rate: 0.84%.
With the median household income of $60,204 in Lexington, KY, following the 28% rule, you could afford a monthly payment of about $1,405.
The cost of living index in Lexington, KY is 92 (national average = 100). A home at the median price of $265,000 would require roughly 4.4x the median income.
A conventional 20% down payment on the median Lexington, KY home ($265,000) would be $53,000. FHA loans may require as little as 3.5% ($9,275).