Calculate using real Waco data. Median home price: $195,000. Property tax rate: 1.8%.
With the median household income of $42,130 in Waco, TX, following the 28% rule, you could afford a monthly payment of about $983.
The cost of living index in Waco, TX is 82 (national average = 100). A home at the median price of $195,000 would require roughly 4.6x the median income.
A conventional 20% down payment on the median Waco, TX home ($195,000) would be $39,000. FHA loans may require as little as 3.5% ($6,825).