Calculate using real Mesa data. Median home price: $390,000. Property tax rate: 0.65%.
With the median household income of $63,257 in Mesa, AZ, following the 28% rule, you could afford a monthly payment of about $1,476.
The cost of living index in Mesa, AZ is 98 (national average = 100). A home at the median price of $390,000 would require roughly 6.2x the median income.
A conventional 20% down payment on the median Mesa, AZ home ($390,000) would be $78,000. FHA loans may require as little as 3.5% ($13,650).