Calculate using real Portland data. Median home price: $475,000. Property tax rate: 1.02%.
With the median household income of $76,231 in Portland, OR, following the 28% rule, you could afford a monthly payment of about $1,779.
The cost of living index in Portland, OR is 120 (national average = 100). A home at the median price of $475,000 would require roughly 6.2x the median income.
A conventional 20% down payment on the median Portland, OR home ($475,000) would be $95,000. FHA loans may require as little as 3.5% ($16,625).