Calculate using real Oklahoma City data. Median home price: $200,000. Property tax rate: 0.87%.
With the median household income of $55,557 in Oklahoma City, OK, following the 28% rule, you could afford a monthly payment of about $1,296.
The cost of living index in Oklahoma City, OK is 85 (national average = 100). A home at the median price of $200,000 would require roughly 3.6x the median income.
A conventional 20% down payment on the median Oklahoma City, OK home ($200,000) would be $40,000. FHA loans may require as little as 3.5% ($7,000).