Calculate using real Little Rock data. Median home price: $195,000. Property tax rate: 0.62%.
With the median household income of $51,124 in Little Rock, AR, following the 28% rule, you could afford a monthly payment of about $1,193.
The cost of living index in Little Rock, AR is 86 (national average = 100). A home at the median price of $195,000 would require roughly 3.8x the median income.
A conventional 20% down payment on the median Little Rock, AR home ($195,000) would be $39,000. FHA loans may require as little as 3.5% ($6,825).