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)
December 2012 105.0
September 2012 104.8
June 2012 104.8
March 2012 104.1
December 2011 105.5
September 2011 104.1
June 2011 102.9
March 2011 102.8
December 2010 109.0

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)
December 2012 90.6
September 2012 90.5
June 2012 90.5
March 2012 89.9
December 2011 91.0
September 2011 89.9
June 2011 88.9
March 2011 88.8
December 2010 91.1

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
January 2013 $263,047
December 2012 $265,030
November 2012 $265,030
October 2012 $264,036
September 2012 $260,113
August 2012 $256,909
July 2012 $258,503
June 2012 $254,387
May 2012 $250,672
April 2012 $247,336
March 2012 $246,139
February 2012 $247,938
January 2012 $247,036

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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