Calculate using real San Jose data. Median home price: $1,300,000. Property tax rate: 0.75%.
With the median household income of $131,420 in San Jose, CA, following the 28% rule, you could afford a monthly payment of about $3,066.
The cost of living index in San Jose, CA is 185 (national average = 100). A home at the median price of $1,300,000 would require roughly 9.9x the median income.
A conventional 20% down payment on the median San Jose, CA home ($1,300,000) would be $260,000. FHA loans may require as little as 3.5% ($45,500).