Calculate using real Phoenix data. Median home price: $380,000. Property tax rate: 0.62%.
With the median household income of $62,055 in Phoenix, AZ, following the 28% rule, you could afford a monthly payment of about $1,448.
The cost of living index in Phoenix, AZ is 100 (national average = 100). A home at the median price of $380,000 would require roughly 6.1x the median income.
A conventional 20% down payment on the median Phoenix, AZ home ($380,000) would be $76,000. FHA loans may require as little as 3.5% ($13,300).