Department of Numbers

Duluth, Minnesota Home Affordability

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

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Duluth, Minnesota Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
December 2011 138.3
September 2011 138.9
June 2011 136.2
March 2011 137.9
December 2010 140.0
September 2010 142.9
June 2010 139.5
March 2010 137.9
December 2009 132.7

Duluth, Minnesota Home Price-to-Rent Ratios

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Duluth, Minnesota Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
December 2011 107.8
September 2011 108.3
June 2011 106.2
March 2011 107.5
December 2010 109.1
September 2010 111.4
June 2010 108.8
March 2010 107.5
December 2009 106.0

Duluth, Minnesota Inferred Affordable Mortgage

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

Duluth, Minnesota Inferred Affordable Mortgage History

Date Inferred Mortgage
January 2012 $222,513
December 2011 $221,437
November 2011 $220,635
October 2011 $218,517
September 2011 $217,470
August 2011 $213,354
July 2011 $206,426
June 2011 $207,395
May 2011 $204,271
April 2011 $199,602
March 2011 $199,602
February 2011 $197,102
January 2011 $201,450

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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