Calculate using real St. Paul data. Median home price: $275,000. Property tax rate: 1.18%.
With the median household income of $57,819 in St. Paul, MN, following the 28% rule, you could afford a monthly payment of about $1,349.
The cost of living index in St. Paul, MN is 100 (national average = 100). A home at the median price of $275,000 would require roughly 4.8x the median income.
A conventional 20% down payment on the median St. Paul, MN home ($275,000) would be $55,000. FHA loans may require as little as 3.5% ($9,625).