Department of Numbers

Lakeland, Florida Home Affordability

The data below measures home affordability for the Lakeland-Winter Haven, Florida 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 Lakeland home affordability to other cities.

Lakeland, Florida 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 Lakeland HPI series. Median household income data for Lakeland is from the Census American Community Survey.

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Lakeland, Florida Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
September 2011 109.2
June 2011 105.8
March 2011 111.2
December 2010 117.1
September 2010 120.9
June 2010 120.3
March 2010 127.6
December 2009 126.9
September 2009 134.9

Lakeland, Florida Home Price-to-Rent Ratios

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Lakeland, Florida Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
September 2011 78.1
June 2011 75.7
March 2011 79.6
December 2010 83.8
September 2010 86.5
June 2010 86.1
March 2010 91.2
December 2009 93.4
September 2009 99.3

Lakeland, Florida Inferred Affordable Mortgage

The inferred affordable mortgage value is determined by taking the median household income for Lakeland, Florida 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

Lakeland, Florida Inferred Affordable Mortgage History

Date Inferred Mortgage
November 2011 $215,869
October 2011 $213,797
September 2011 $212,772
August 2011 $208,745
July 2011 $201,967
June 2011 $202,915
May 2011 $199,859
April 2011 $195,290
March 2011 $195,290
February 2011 $192,845
January 2011 $197,098
December 2010 $198,242
November 2010 $208,003

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. ↩

Data on deptofnumbers.com is for informational purposes only. No warranty or guarantee of accuracy is offered or implied. Contact ben@deptofnumbers.com (or @deptofnumbers on Twitter) if you have any questions, comments or suggestions. Privacy policy.