Calculate using real Lubbock data. Median home price: $210,000. Property tax rate: 1.78%.
With the median household income of $49,476 in Lubbock, TX, following the 28% rule, you could afford a monthly payment of about $1,154.
The cost of living index in Lubbock, TX is 83 (national average = 100). A home at the median price of $210,000 would require roughly 4.2x the median income.
A conventional 20% down payment on the median Lubbock, TX home ($210,000) would be $42,000. FHA loans may require as little as 3.5% ($7,350).