Calculate using real Midland data. Median home price: $280,000. Property tax rate: 1.68%.
With the median household income of $78,412 in Midland, TX, following the 28% rule, you could afford a monthly payment of about $1,830.
The cost of living index in Midland, TX is 95 (national average = 100). A home at the median price of $280,000 would require roughly 3.6x the median income.
A conventional 20% down payment on the median Midland, TX home ($280,000) would be $56,000. FHA loans may require as little as 3.5% ($9,800).