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This section of Department of Numbers is no longer being updated and may be removed in the future. The data here is out of date and should no longer be used.

Modesto, California Home Affordability

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

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Modesto, California Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
December 2013 124.8
September 2013 116.2
June 2013 107.6
March 2013 100.2
December 2012 97.1
September 2012 95.4
June 2012 92.3
March 2012 91.2

Modesto, California Home Price-to-Rent Ratios

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Modesto, California Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
December 2013 93.3
September 2013 86.9
June 2013 80.5
March 2013 75.0
December 2012 72.6
September 2012 71.4
June 2012 69.0
March 2012 68.2

Modesto, California Inferred Affordable Mortgage

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

Modesto, California Inferred Affordable Mortgage History

Date Inferred Mortgage
February 2014 $234,429
January 2014 $230,854
December 2013 $230,041
November 2013 $235,546
October 2013 $237,519
September 2013 $229,232
August 2013 $230,041
July 2013 $232,494
June 2013 $240,959
May 2013 $257,074
April 2013 $259,967
March 2013 $256,120
February 2013 $257,393

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.