Calculate using real Lincoln data. Median home price: $250,000. Property tax rate: 1.8%.
With the median household income of $60,129 in Lincoln, NE, following the 28% rule, you could afford a monthly payment of about $1,403.
The cost of living index in Lincoln, NE is 90 (national average = 100). A home at the median price of $250,000 would require roughly 4.2x the median income.
A conventional 20% down payment on the median Lincoln, NE home ($250,000) would be $50,000. FHA loans may require as little as 3.5% ($8,750).