Calculate using real McAllen data. Median home price: $165,000. Property tax rate: 1.85%.
With the median household income of $42,758 in McAllen, TX, following the 28% rule, you could afford a monthly payment of about $998.
The cost of living index in McAllen, TX is 78 (national average = 100). A home at the median price of $165,000 would require roughly 3.9x the median income.
A conventional 20% down payment on the median McAllen, TX home ($165,000) would be $33,000. FHA loans may require as little as 3.5% ($5,775).