Department of Numbers

Evansville, Indiana Home Affordability

The data below measures home affordability for the Evansville, 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 Evansville home affordability to other cities.

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Evansville, Indiana Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
September 2011 110.0
June 2011 109.0
March 2011 109.6
December 2010 109.6
September 2010 110.2
June 2010 108.8
March 2010 106.6
December 2009 103.5
September 2009 103.3

Evansville, 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 Evansville median contract rent data from the Census ACS.

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Evansville, Indiana Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
September 2011 91.9
June 2011 91.0
March 2011 91.6
December 2010 91.6
September 2010 92.1
June 2010 90.9
March 2010 89.1
December 2009 94.2
September 2009 94.1

Evansville, Indiana Inferred Affordable Mortgage

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

Evansville, Indiana Inferred Affordable Mortgage History

Date Inferred Mortgage
November 2011 $232,358
October 2011 $230,128
September 2011 $229,025
August 2011 $224,690
July 2011 $217,394
June 2011 $218,415
May 2011 $215,125
April 2011 $210,207
March 2011 $210,207
February 2011 $207,575
January 2011 $212,154
December 2010 $213,384
November 2010 $223,891

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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