Calculate using real McKinney data. Median home price: $420,000. Property tax rate: 1.82%.
With the median household income of $101,538 in McKinney, TX, following the 28% rule, you could afford a monthly payment of about $2,369.
The cost of living index in McKinney, TX is 102 (national average = 100). A home at the median price of $420,000 would require roughly 4.1x the median income.
A conventional 20% down payment on the median McKinney, TX home ($420,000) would be $84,000. FHA loans may require as little as 3.5% ($14,700).