Calculate using real New Haven data. Median home price: $245,000. Property tax rate: 2.65%.
With the median household income of $43,612 in New Haven, CT, following the 28% rule, you could afford a monthly payment of about $1,018.
The cost of living index in New Haven, CT is 108 (national average = 100). A home at the median price of $245,000 would require roughly 5.6x the median income.
A conventional 20% down payment on the median New Haven, CT home ($245,000) would be $49,000. FHA loans may require as little as 3.5% ($8,575).