Calculate using real Reno data. Median home price: $475,000. Property tax rate: 0.63%.
With the median household income of $63,180 in Reno, NV, following the 28% rule, you could afford a monthly payment of about $1,474.
The cost of living index in Reno, NV is 112 (national average = 100). A home at the median price of $475,000 would require roughly 7.5x the median income.
A conventional 20% down payment on the median Reno, NV home ($475,000) would be $95,000. FHA loans may require as little as 3.5% ($16,625).