Calculate using real Mobile data. Median home price: $145,000. Property tax rate: 0.38%.
With the median household income of $40,105 in Mobile, AL, following the 28% rule, you could afford a monthly payment of about $936.
The cost of living index in Mobile, AL is 82 (national average = 100). A home at the median price of $145,000 would require roughly 3.6x the median income.
A conventional 20% down payment on the median Mobile, AL home ($145,000) would be $29,000. FHA loans may require as little as 3.5% ($5,075).