Calculate using real Newport News data. Median home price: $230,000. Property tax rate: 1.08%.
With the median household income of $52,314 in Newport News, VA, following the 28% rule, you could afford a monthly payment of about $1,221.
The cost of living index in Newport News, VA is 92 (national average = 100). A home at the median price of $230,000 would require roughly 4.4x the median income.
A conventional 20% down payment on the median Newport News, VA home ($230,000) would be $46,000. FHA loans may require as little as 3.5% ($8,050).