Calculate using real Washington data. Median home price: $550,000. Property tax rate: 0.56%.
With the median household income of $93,547 in Washington, DC, following the 28% rule, you could afford a monthly payment of about $2,183.
The cost of living index in Washington, DC is 150 (national average = 100). A home at the median price of $550,000 would require roughly 5.9x the median income.
A conventional 20% down payment on the median Washington, DC home ($550,000) would be $110,000. FHA loans may require as little as 3.5% ($19,250).