Calculate using real Wichita data. Median home price: $185,000. Property tax rate: 1.41%.
With the median household income of $51,877 in Wichita, KS, following the 28% rule, you could afford a monthly payment of about $1,210.
The cost of living index in Wichita, KS is 84 (national average = 100). A home at the median price of $185,000 would require roughly 3.6x the median income.
A conventional 20% down payment on the median Wichita, KS home ($185,000) would be $37,000. FHA loans may require as little as 3.5% ($6,475).