Calculate using real Providence data. Median home price: $330,000. Property tax rate: 2.1%.
With the median household income of $46,320 in Providence, RI, following the 28% rule, you could afford a monthly payment of about $1,081.
The cost of living index in Providence, RI is 105 (national average = 100). A home at the median price of $330,000 would require roughly 7.1x the median income.
A conventional 20% down payment on the median Providence, RI home ($330,000) would be $66,000. FHA loans may require as little as 3.5% ($11,550).