Home Affordability
Real estate markets are local entities, so the issues of affordability and valuation should be looked at in terms of local data. With the goal of providing more information for residents to use to evaluate affordability in their local housing market, the following four measures are provided for each city below (click on a city for more historical detail). Data is for 3Q-2007
Percent Income: The percentage of the local median family income required to make payments on the mortgage for a median (sale) priced single family home given a 20% down payment and a 30-year fixed rate loan at prevailing rates.
Mortgage to Rent: The ratio of the mortgage payment on a median (sale) priced single family (again assuming 20% down and a 30-year fixed rate loan) to the local median rent for a 3 bedroom apartment.
Price to Income: The median single family home sale price divided by the median family income for the metro area.
Price to Rent: The median single family home sale price divided by the local median monthly rent for a 3 bedroom apartment.
| City, State Affordability | Percent Income | Mortgage/Rent | Price/Income | Price/Rent |
|---|---|---|---|---|
| Albuquerque, NM | 22.3 | 0.96 | 3.7 | 188.6 |
| Atlanta, GA | 15.9 | 0.86 | 2.6 | 169 |
| Austin, TX | 16.6 | 0.84 | 2.7 | 165.5 |
| Baltimore, MD | 23.4 | 1.23 | 3.8 | 241.2 |
| Boise City, ID | 21.8 | 1 | 3.6 | 196.6 |
| Boston, MA | 32.9 | 1.16 | 5.4 | 227.5 |
| Cape Coral, FL | 26.4 | 1.09 | 4.3 | 213.8 |
| Charlotte, NC | 22.3 | 1.18 | 3.7 | 231.2 |
| Chicago, IL | 25.1 | 1.27 | 4.1 | 250.6 |
| Cincinnati, OH | 13.9 | 0.76 | 2.3 | 149.8 |
| Cleveland, OH | 13.3 | 0.68 | 2.2 | 134.7 |
| Columbus, OH | 14.4 | 0.85 | 2.4 | 167.7 |
| Dallas, TX | 14.2 | 0.7 | 2.3 | 138.6 |
| Denver, CO | 21.7 | 1 | 3.6 | 196.8 |
| Detroit, MI | 11.4 | 0.71 | 1.9 | 140.5 |
| Edison, NJ | 27.9 | 1.27 | 4.6 | 249.2 |
| Grand Rapids, MI | 13.3 | 0.73 | 2.2 | 144 |
| Greensboro, NC | 17.7 | 0.8 | 2.9 | 158 |
| Greenville, SC | 18.4 | 0.9 | 3 | 176.7 |
| Honolulu, HI | 53.9 | 1.77 | 8.8 | 348.5 |
| Houston, TX | 16.6 | 0.77 | 2.7 | 152.1 |
| Indianapolis, IN | 11.8 | 0.65 | 1.9 | 128.2 |
| Jacksonville, FL | 19.3 | 0.9 | 3.2 | 177 |
| Kansas City, MO | 14.6 | 0.83 | 2.4 | 162.5 |
| Las Vegas, NV | 30 | 1.21 | 4.9 | 238.9 |
| Long Island, NY | 30.6 | 1.24 | 5 | 243.3 |
| Los Angeles, CA | 63.5 | 1.6 | 10.4 | 314.8 |
| Louisville, KY | 15.1 | 0.82 | 2.5 | 161.8 |
| Memphis, TN | 16.2 | 0.75 | 2.7 | 148.4 |
| Miami, FL | 46.8 | 1.25 | 7.7 | 245.4 |
| Milwaukee, WI | 21.5 | 1.28 | 3.5 | 252.6 |
| Minneapolis, MN | 18 | 0.99 | 3 | 195.7 |
| New Orleans, LA | 18.7 | 0.6 | 3.1 | 117.1 |
| New York, NY | 56.5 | 1.73 | 9.3 | 341.1 |
| Newark, NJ | 33.7 | 1.7 | 5.5 | 333.6 |
| Oklahoma City, OK | 14.8 | 0.81 | 2.4 | 159.1 |
| Omaha, NE | 13.4 | 0.74 | 2.2 | 145.1 |
| Orange County, CA | 54.3 | 1.68 | 8.9 | 329.7 |
| Orlando, FL | 29.6 | 1.24 | 4.9 | 244.8 |
| Philadelphia, PA | 21.4 | 1.02 | 3.5 | 201.2 |
| Phoenix, AZ | 26.4 | 1.14 | 4.3 | 224.3 |
| Portland, OR | 28.7 | 1.36 | 4.7 | 266.9 |
| Raleigh, NC | 20.1 | 1 | 3.3 | 196.2 |
| Reno, NV | 30.2 | 1.15 | 5 | 226.5 |
| Richmond, VA | 21.2 | 1.15 | 3.5 | 227.2 |
| Riverside, CA | 38.8 | 1.39 | 6.4 | 272.6 |
| Sacramento, CA | 30.5 | 1.12 | 5 | 220.9 |
| Salt Lake City, UT | 25 | 1.18 | 4.1 | 231.2 |
| San Antonio, TX | 17.6 | 0.78 | 2.9 | 152.6 |
| San Diego, CA | 51.8 | 1.7 | 8.5 | 335.4 |
| San Francisco, CA | 58.2 | 1.86 | 9.5 | 365.4 |
| San Jose, CA | 55 | 2.3 | 9 | 451.5 |
| Sarasota, FL | 30.5 | 1.34 | 5 | 262.7 |
| Seattle, WA | 31.8 | 1.55 | 5.2 | 305.7 |
| Spartanburg, SC | 16.1 | 0.87 | 2.6 | 170.6 |
| St Louis, MO | 14.5 | 0.83 | 2.4 | 162.4 |
| Tampa, FL | 24.7 | 0.99 | 4.1 | 194.4 |
| Tucson, AZ | 28.5 | 1.12 | 4.7 | 219.7 |
| Virginia Beach, VA | 24.3 | 1.11 | 4 | 219.1 |
| Washington, DC | 28.9 | 1.34 | 4.7 | 264 |