Department of Numbers

Elkhart, Indiana Home Affordability

The data below measures home affordability for the Elkhart-Goshen, Indiana 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 Elkhart home affordability to other cities.

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Elkhart, Indiana Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
December 2011 122.6
September 2011 119.1
June 2011 120.2
March 2011 120.3
December 2010 126.0
September 2010 126.6
June 2010 124.5
March 2010 125.9
December 2009 122.2

Elkhart, Indiana Home Price-to-Rent Ratios

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Elkhart, Indiana Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
December 2011 93.4
September 2011 90.7
June 2011 91.6
March 2011 91.6
December 2010 96.0
September 2010 96.4
June 2010 94.8
March 2010 95.9
December 2009 92.7

Elkhart, Indiana Inferred Affordable Mortgage

The inferred affordable mortgage value is determined by taking the median household income for Elkhart, Indiana 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

Elkhart, Indiana Inferred Affordable Mortgage History

Date Inferred Mortgage
January 2012 $220,741
December 2011 $219,674
November 2011 $218,878
October 2011 $216,778
September 2011 $215,739
August 2011 $211,656
July 2011 $204,783
June 2011 $205,744
May 2011 $202,645
April 2011 $198,013
March 2011 $198,013
February 2011 $195,533
January 2011 $199,846

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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