Department of Numbers

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Rochester, Minnesota Home Affordability

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

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Rochester, Minnesota Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
December 2013 105.5
September 2013 106.1
June 2013 104.4
March 2013 103.9
December 2012 103.6
September 2012 102.9
June 2012 101.3
March 2012 101.4

Rochester, Minnesota Home Price-to-Rent Ratios

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Rochester, Minnesota Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
December 2013 100.5
September 2013 101.2
June 2013 99.5
March 2013 99.0
December 2012 98.7
September 2012 98.1
June 2012 96.6
March 2012 96.7

Rochester, Minnesota Inferred Affordable Mortgage

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

Rochester, Minnesota Inferred Affordable Mortgage History

Date Inferred Mortgage
February 2014 $321,967
January 2014 $317,057
December 2013 $315,940
November 2013 $323,501
October 2013 $326,211
September 2013 $314,829
August 2013 $315,940
July 2013 $319,309
June 2013 $330,936
May 2013 $353,067
April 2013 $357,040
March 2013 $351,757
February 2013 $353,505

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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