Calculate using real Provo data. Median home price: $420,000. Property tax rate: 0.56%.
With the median household income of $54,218 in Provo, UT, following the 28% rule, you could afford a monthly payment of about $1,265.
The cost of living index in Provo, UT is 105 (national average = 100). A home at the median price of $420,000 would require roughly 7.7x the median income.
A conventional 20% down payment on the median Provo, UT home ($420,000) would be $84,000. FHA loans may require as little as 3.5% ($14,700).