Department of Numbers

Odessa, Texas Home Affordability

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

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Odessa, Texas Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
September 2011 151.0
June 2011 153.9
March 2011 151.9
December 2010 150.8
September 2010 151.7
June 2010 152.6
March 2010 152.6
December 2009 154.2
September 2009 148.8

Odessa, Texas Home Price-to-Rent Ratios

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Odessa, Texas Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
September 2011 125.2
June 2011 127.6
March 2011 125.9
December 2010 125.0
September 2010 125.7
June 2010 126.5
March 2010 126.5
December 2009 122.9
September 2009 118.6

Odessa, Texas Inferred Affordable Mortgage

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

Odessa, Texas Inferred Affordable Mortgage History

Date Inferred Mortgage
November 2011 $221,678
October 2011 $219,551
September 2011 $218,498
August 2011 $214,363
July 2011 $207,402
June 2011 $208,376
May 2011 $205,237
April 2011 $200,546
March 2011 $200,546
February 2011 $198,034
January 2011 $202,402
December 2010 $203,576
November 2010 $213,600

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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