Calculate using real Tampa data. Median home price: $365,000. Property tax rate: 0.91%.
With the median household income of $56,688 in Tampa, FL, following the 28% rule, you could afford a monthly payment of about $1,323.
The cost of living index in Tampa, FL is 102 (national average = 100). A home at the median price of $365,000 would require roughly 6.4x the median income.
A conventional 20% down payment on the median Tampa, FL home ($365,000) would be $73,000. FHA loans may require as little as 3.5% ($12,775).