Rochester, Minnesota Home Affordability

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

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Rochester, Minnesota Home Price-to-Income Ratio History

Date	FHFA (Index Ratio)
September 2011	110.3
June 2011	108.2
March 2011	109.7
December 2010	111.5
September 2010	112.7
June 2010	111.0
March 2010	111.7
December 2009	109.0
September 2009	110.3

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Rochester, Minnesota Home Price-to-Rent Ratio History

Date	FHFA (Index Ratio)
September 2011	101.3
June 2011	99.4
March 2011	100.8
December 2010	102.4
September 2010	103.5
June 2010	102.0
March 2010	102.6
December 2009	102.6
September 2009	103.8

Rochester, Minnesota Inferred Affordable Mortgage

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

Rochester, Minnesota Inferred Affordable Mortgage History

Date	Inferred Mortgage
November 2011	$313,009
October 2011	$310,005
September 2011	$308,519
August 2011	$302,680
July 2011	$292,851
June 2011	$294,226
May 2011	$289,794
April 2011	$283,170
March 2011	$283,170
February 2011	$279,624
January 2011	$285,792
December 2010	$287,449
November 2010	$301,603