Calculate using real Salt Lake City data. Median home price: $480,000. Property tax rate: 0.58%.
With the median household income of $64,138 in Salt Lake City, UT, following the 28% rule, you could afford a monthly payment of about $1,497.
The cost of living index in Salt Lake City, UT is 110 (national average = 100). A home at the median price of $480,000 would require roughly 7.5x the median income.
A conventional 20% down payment on the median Salt Lake City, UT home ($480,000) would be $96,000. FHA loans may require as little as 3.5% ($16,800).