Department of Numbers

Danville, Virginia Home Affordability

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

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Danville, Virginia Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
September 2011 119.8
June 2011 117.3
March 2011 115.7
December 2010 114.0
September 2010 116.3
June 2010 115.3
March 2010 112.8
December 2009 123.8
September 2009 125.0

Danville, Virginia Home Price-to-Rent Ratios

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Danville, Virginia Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
September 2011 104.7
June 2011 102.5
March 2011 101.1
December 2010 99.7
September 2010 101.7
June 2010 100.8
March 2010 98.6
December 2009 98.6
September 2009 99.5

Danville, Virginia Inferred Affordable Mortgage

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

Danville, Virginia Inferred Affordable Mortgage History

Date Inferred Mortgage
November 2011 $188,554
October 2011 $186,744
September 2011 $185,849
August 2011 $182,332
July 2011 $176,411
June 2011 $177,239
May 2011 $174,569
April 2011 $170,579
March 2011 $170,579
February 2011 $168,443
January 2011 $172,158
December 2010 $173,157
November 2010 $181,683

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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