Calculate using real Syracuse data. Median home price: $140,000. Property tax rate: 2.45%.
With the median household income of $37,632 in Syracuse, NY, following the 28% rule, you could afford a monthly payment of about $878.
The cost of living index in Syracuse, NY is 85 (national average = 100). A home at the median price of $140,000 would require roughly 3.7x the median income.
A conventional 20% down payment on the median Syracuse, NY home ($140,000) would be $28,000. FHA loans may require as little as 3.5% ($4,900).