Calculate using real Norfolk data. Median home price: $260,000. Property tax rate: 1.05%.
With the median household income of $52,072 in Norfolk, VA, following the 28% rule, you could afford a monthly payment of about $1,215.
The cost of living index in Norfolk, VA is 95 (national average = 100). A home at the median price of $260,000 would require roughly 5x the median income.
A conventional 20% down payment on the median Norfolk, VA home ($260,000) would be $52,000. FHA loans may require as little as 3.5% ($9,100).