Department of Numbers

Roanoke, Virginia Home Affordability

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

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Roanoke, Virginia Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
September 2011 129.2
June 2011 130.0
March 2011 132.0
December 2010 133.8
September 2010 134.4
June 2010 132.5
March 2010 134.5
December 2009 135.6
September 2009 135.7

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Roanoke, Virginia Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
September 2011 112.4
June 2011 113.0
March 2011 114.7
December 2010 116.4
September 2010 116.8
June 2010 115.2
March 2010 117.0
December 2009 116.5
September 2009 116.6

Roanoke, Virginia Inferred Affordable Mortgage

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

Roanoke, Virginia Inferred Affordable Mortgage History

Date Inferred Mortgage
November 2011 $238,911
October 2011 $236,618
September 2011 $235,484
August 2011 $231,027
July 2011 $223,526
June 2011 $224,575
May 2011 $221,192
April 2011 $216,136
March 2011 $216,136
February 2011 $213,429
January 2011 $218,137
December 2010 $219,402
November 2010 $230,206

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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