Calculate using real Tacoma data. Median home price: $425,000. Property tax rate: 1.01%.
With the median household income of $62,753 in Tacoma, WA, following the 28% rule, you could afford a monthly payment of about $1,464.
The cost of living index in Tacoma, WA is 110 (national average = 100). A home at the median price of $425,000 would require roughly 6.8x the median income.
A conventional 20% down payment on the median Tacoma, WA home ($425,000) would be $85,000. FHA loans may require as little as 3.5% ($14,875).