Calculate using real Sterling Heights data. Median home price: $240,000. Property tax rate: 1.48%.
With the median household income of $67,218 in Sterling Heights, MI, following the 28% rule, you could afford a monthly payment of about $1,568.
The cost of living index in Sterling Heights, MI is 92 (national average = 100). A home at the median price of $240,000 would require roughly 3.6x the median income.
A conventional 20% down payment on the median Sterling Heights, MI home ($240,000) would be $48,000. FHA loans may require as little as 3.5% ($8,400).