Calculate using real Peoria data. Median home price: $400,000. Property tax rate: 0.62%.
With the median household income of $78,216 in Peoria, AZ, following the 28% rule, you could afford a monthly payment of about $1,825.
The cost of living index in Peoria, AZ is 100 (national average = 100). A home at the median price of $400,000 would require roughly 5.1x the median income.
A conventional 20% down payment on the median Peoria, AZ home ($400,000) would be $80,000. FHA loans may require as little as 3.5% ($14,000).