Calculate using real Wilmington data. Median home price: $340,000. Property tax rate: 0.87%.
With the median household income of $50,180 in Wilmington, NC, following the 28% rule, you could afford a monthly payment of about $1,171.
The cost of living index in Wilmington, NC is 98 (national average = 100). A home at the median price of $340,000 would require roughly 6.8x the median income.
A conventional 20% down payment on the median Wilmington, NC home ($340,000) would be $68,000. FHA loans may require as little as 3.5% ($11,900).