Calculate using real Madison data. Median home price: $365,000. Property tax rate: 1.96%.
With the median household income of $72,420 in Madison, WI, following the 28% rule, you could afford a monthly payment of about $1,690.
The cost of living index in Madison, WI is 108 (national average = 100). A home at the median price of $365,000 would require roughly 5x the median income.
A conventional 20% down payment on the median Madison, WI home ($365,000) would be $73,000. FHA loans may require as little as 3.5% ($12,775).