Calculate using real Tempe data. Median home price: $410,000. Property tax rate: 0.64%.
With the median household income of $60,315 in Tempe, AZ, following the 28% rule, you could afford a monthly payment of about $1,407.
The cost of living index in Tempe, AZ is 102 (national average = 100). A home at the median price of $410,000 would require roughly 6.8x the median income.
A conventional 20% down payment on the median Tempe, AZ home ($410,000) would be $82,000. FHA loans may require as little as 3.5% ($14,350).