Calculate using real Milwaukee data. Median home price: $175,000. Property tax rate: 2.17%.
With the median household income of $43,125 in Milwaukee, WI, following the 28% rule, you could afford a monthly payment of about $1,006.
The cost of living index in Milwaukee, WI is 90 (national average = 100). A home at the median price of $175,000 would require roughly 4.1x the median income.
A conventional 20% down payment on the median Milwaukee, WI home ($175,000) would be $35,000. FHA loans may require as little as 3.5% ($6,125).