Department of Numbers

Modesto, California Home Affordability

The data below measures home affordability for the Modesto, California metropolitan area using price-to-income and price-to-rent metrics.1 The maximum affordable loan amount for the median household income is also calculated. You can also compare Modesto home affordability to other cities.

Modesto, California Home Price-to-Income Ratios

The second chart shows a history of the ratio as an index calculated from the Federal Housing Finance Agency's Modesto HPI series. Median household income data for Modesto is from the Census American Community Survey.

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Modesto, California Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
September 2011 90.2
June 2011 90.3
March 2011 93.3
December 2010 98.3
September 2010 100.2
June 2010 99.0
March 2010 100.2
December 2009 102.5
September 2009 102.1

Modesto, California Home Price-to-Rent Ratios

The chart below shows an index of the rent ratio calculated from the metro FHFA HPI series and the Modesto median contract rent data from the Census ACS.

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Modesto, California Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
September 2011 69.2
June 2011 69.3
March 2011 71.6
December 2010 75.5
September 2010 77.0
June 2010 76.0
March 2010 77.0
December 2009 80.9
September 2009 80.6

Modesto, California Inferred Affordable Mortgage

The inferred affordable mortgage value is determined by taking the median household income for Modesto, California and calculating the mortgage 30% of that income could afford. Traditionally, 30% of income is the maximum amount a homeowner could use towards a home loan. Inferred affordable loan values are calculated from ACS median household income and average monthly mortgage rates.

Inferred Affordable Mortgage

Modesto, California Inferred Affordable Mortgage History

Date Inferred Mortgage
November 2011 $251,887
October 2011 $249,470
September 2011 $248,274
August 2011 $243,575
July 2011 $235,666
June 2011 $236,772
May 2011 $233,206
April 2011 $227,875
March 2011 $227,875
February 2011 $225,022
January 2011 $229,985
December 2010 $231,319
November 2010 $242,709

1. Specifically, home prices are from the non seasonally adjusted FHFA all-transactions quarterly series. Dollar ratios are calculated using NAR metro prices when available. Rent and income data are from the Census ACS and are carried forward into the following year prior to release of the new data. ↩

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