Calculate using real Plano data. Median home price: $445,000. Property tax rate: 1.8%.
With the median household income of $107,402 in Plano, TX, following the 28% rule, you could afford a monthly payment of about $2,506.
The cost of living index in Plano, TX is 105 (national average = 100). A home at the median price of $445,000 would require roughly 4.1x the median income.
A conventional 20% down payment on the median Plano, TX home ($445,000) would be $89,000. FHA loans may require as little as 3.5% ($15,575).