Calculate using real Ontario data. Median home price: $520,000. Property tax rate: 0.85%.
With the median household income of $70,168 in Ontario, CA, following the 28% rule, you could afford a monthly payment of about $1,637.
The cost of living index in Ontario, CA is 118 (national average = 100). A home at the median price of $520,000 would require roughly 7.4x the median income.
A conventional 20% down payment on the median Ontario, CA home ($520,000) would be $104,000. FHA loans may require as little as 3.5% ($18,200).