Calculate using real Louisville data. Median home price: $220,000. Property tax rate: 0.83%.
With the median household income of $55,927 in Louisville, KY, following the 28% rule, you could afford a monthly payment of about $1,305.
The cost of living index in Louisville, KY is 90 (national average = 100). A home at the median price of $220,000 would require roughly 3.9x the median income.
A conventional 20% down payment on the median Louisville, KY home ($220,000) would be $44,000. FHA loans may require as little as 3.5% ($7,700).