Calculate using real Richmond data. Median home price: $310,000. Property tax rate: 1.2%.
With the median household income of $51,642 in Richmond, VA, following the 28% rule, you could afford a monthly payment of about $1,205.
The cost of living index in Richmond, VA is 98 (national average = 100). A home at the median price of $310,000 would require roughly 6x the median income.
A conventional 20% down payment on the median Richmond, VA home ($310,000) would be $62,000. FHA loans may require as little as 3.5% ($10,850).