Calculate using real Long Beach data. Median home price: $730,000. Property tax rate: 0.76%.
With the median household income of $68,730 in Long Beach, CA, following the 28% rule, you could afford a monthly payment of about $1,604.
The cost of living index in Long Beach, CA is 155 (national average = 100). A home at the median price of $730,000 would require roughly 10.6x the median income.
A conventional 20% down payment on the median Long Beach, CA home ($730,000) would be $146,000. FHA loans may require as little as 3.5% ($25,550).