Department of Numbers

This section of Department of Numbers is no longer being updated and may be removed in the future. The data here is out of date and should no longer be used.

Florence, Alabama Home Affordability

The data below measures home affordability for the Florence-Muscle Shoals, Alabama 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 Florence home affordability to other cities.

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Florence, Alabama Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
December 2013 109.4
September 2013 111.0
June 2013 111.1
March 2013 112.2
December 2012 110.8
September 2012 110.5
June 2012 111.2
March 2012 109.1

Florence, Alabama Home Price-to-Rent Ratios

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Florence, Alabama Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
December 2013 107.9
September 2013 109.6
June 2013 109.6
March 2013 110.7
December 2012 109.3
September 2012 109.0
June 2012 109.7
March 2012 107.6

Florence, Alabama Inferred Affordable Mortgage

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

Florence, Alabama Inferred Affordable Mortgage History

Date Inferred Mortgage
February 2014 $209,397
January 2014 $206,204
December 2013 $205,478
November 2013 $210,395
October 2013 $212,157
September 2013 $204,755
August 2013 $205,478
July 2013 $207,669
June 2013 $215,230
May 2013 $229,624
April 2013 $232,208
March 2013 $228,772
February 2013 $229,909

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.