Calculate using real Winston-Salem data. Median home price: $220,000. Property tax rate: 0.99%.
With the median household income of $44,702 in Winston-Salem, NC, following the 28% rule, you could afford a monthly payment of about $1,043.
The cost of living index in Winston-Salem, NC is 85 (national average = 100). A home at the median price of $220,000 would require roughly 4.9x the median income.
A conventional 20% down payment on the median Winston-Salem, NC home ($220,000) would be $44,000. FHA loans may require as little as 3.5% ($7,700).