Department of Numbers

Kalamazoo, Michigan Home Affordability

The data below measures home affordability for the Kalamazoo-Portage, 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 Kalamazoo home affordability to other cities.

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Kalamazoo, Michigan Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
December 2011 106.8
September 2011 106.7
June 2011 105.6
March 2011 106.9
December 2010 109.4
September 2010 108.5
June 2010 107.4
March 2010 108.9
December 2009 116.8

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Kalamazoo, Michigan Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
December 2011 87.9
September 2011 87.8
June 2011 86.9
March 2011 87.9
December 2010 90.0
September 2010 89.3
June 2010 88.4
March 2010 89.6
December 2009 93.5

Kalamazoo, Michigan Inferred Affordable Mortgage

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

Kalamazoo, Michigan Inferred Affordable Mortgage History

Date Inferred Mortgage
January 2012 $230,714
December 2011 $229,598
November 2011 $228,766
October 2011 $226,571
September 2011 $225,485
August 2011 $221,217
July 2011 $214,034
June 2011 $215,039
May 2011 $211,800
April 2011 $206,958
March 2011 $206,958
February 2011 $204,367
January 2011 $208,874

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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