Department of Numbers

Jackson, Michigan Home Affordability

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

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Jackson, Michigan Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
September 2011 94.6
June 2011 92.4
March 2011 92.7
December 2010 100.2
September 2010 102.1
June 2010 100.8
March 2010 100.3
December 2009 95.9
September 2009 96.8

Jackson, Michigan Home Price-to-Rent Ratios

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Jackson, Michigan Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
September 2011 76.5
June 2011 74.6
March 2011 74.8
December 2010 80.9
September 2010 82.5
June 2010 81.4
March 2010 81.0
December 2009 82.5
September 2009 83.2

Jackson, Michigan Inferred Affordable Mortgage

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

Jackson, Michigan Inferred Affordable Mortgage History

Date Inferred Mortgage
November 2011 $224,719
October 2011 $222,562
September 2011 $221,495
August 2011 $217,303
July 2011 $210,247
June 2011 $211,234
May 2011 $208,052
April 2011 $203,297
March 2011 $203,297
February 2011 $200,751
January 2011 $205,179
December 2010 $206,369
November 2010 $216,530

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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