Calculate using real Minneapolis data. Median home price: $320,000. Property tax rate: 1.2%.
With the median household income of $64,044 in Minneapolis, MN, following the 28% rule, you could afford a monthly payment of about $1,494.
The cost of living index in Minneapolis, MN is 105 (national average = 100). A home at the median price of $320,000 would require roughly 5x the median income.
A conventional 20% down payment on the median Minneapolis, MN home ($320,000) would be $64,000. FHA loans may require as little as 3.5% ($11,200).