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This section of Department of Numbers is no longer being updated and may be removed in the future. The data here is out of date and should no longer be used.

Florida Home Affordability

The data below quantifies Florida home affordability by using home prices and home price indices to calculate price-to-income and price-to-rent ratios.1 The maximum affordable loan amount for the median household income is also calculated. You can also compare Florida home affordability to other states.

Florida Home Price-to-Income Ratios

The home price-to-income ratio for Florida comes from the Federal Housing Finance Agency's relatively new state median price series and their purchase only index combined with Florida annual median household income data. The FHFA home price series yields a dollar ratio (top chart) while the index results in an index ratio (bottom chart). Based on the latest FHFA state home prices in June 2010, the price-to-income ratio for Florida was 3.27.

Home Price-to-Income Dollar Ratio: FHFA

Chart of Florida home price-to-income ratio using FHFA median price

Home Price-to-Income Index Ratio: FHFA

Chart of Florida home price-to-income ratio using FHFA HPI

Note: Index set to 100 in Q1 of 2000

Florida Home Price-to-Income Ratio History

(Dollar Ratio)
(Index Ratio)
December 2013 135.1
September 2013 131.4
June 2013 127.8
March 2013 123.6
December 2012 120.0
September 2012 117.9
June 2012 115.2
March 2012 111.9
December 2011 111.8
September 2011 111.3

Florida Home Price-to-Rent Ratios

The price-to-rent ratio for Florida is determined for both the FHFA median price and the purchase only index by calculating a ratio with the median contract rent. The price-to-adjusted rent value takes into account CPS reported household size to attempt to correct for quality differences in renter and owner occupied homes. More on that process here. Again, the median price ratio is a dollar ratio and the HPI ratio is an index ratio defined to be 100 in Q1 2000. The adjusted price-to-rent ratio for Florida was 15.24 in June 2010.

Home Price-to-Rent Dollar Ratio: FHFA, FHFA Adjusted Rent

Chart of Florida home price-to-rent ratio using FHFA median price

Home Price-to-Rent Index Ratio: FHFA

Chart of Florida home price-to-rent ratio using FHFA HPI

Note: Index set to 100 in Q1 of 2000

Florida Home Price-to-Rent Ratio History

(Dollar Ratio)
FHFA Adjusted
(Dollar Ratio)
(Index Ratio)
December 2013 110.7
September 2013 107.6
June 2013 104.7
March 2013 101.2
December 2012 98.3
September 2012 96.5
June 2012 94.4
March 2012 91.7
December 2011 91.2

Florida Inferred Affordable Mortgage

The inferred affordable mortgage is determined by taking the median household income for Florida 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 median household income and average monthly mortgage rates. The amounts are not adjusted for inflation.

Inferred Affordable Mortgage

Chart of Florida maximum affordable home loan amount

Florida Inferred Affordable Mortgage History

Date Inferred Mortgage
February 2014 $232,742
January 2014 $229,193
December 2013 $228,385
November 2013 $233,850
October 2013 $235,809
September 2013 $227,582
August 2013 $228,385
July 2013 $230,821
June 2013 $239,225
May 2013 $255,223
April 2013 $258,096
March 2013 $254,276
February 2013 $255,540

1. Specifically, Home prices are from the FHFA seasonally adjusted, purchase only quarterly series. Rent data is from the Census ACS and income is from the Census CPS. Rent and income data for the previous year is carried into the following year for calculations prior to release of new data.