Department of Numbers

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Utica, New York Home Affordability

The data below measures home affordability for the Utica-Rome, New York 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 Utica home affordability to other cities.

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Utica, New York Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
December 2013 128.7
September 2013 127.9
June 2013 126.7
March 2013 129.7
December 2012 128.3
September 2012 125.0
June 2012 126.3
March 2012 127.6

Utica, New York Home Price-to-Rent Ratios

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Utica, New York Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
December 2013 121.8
September 2013 121.1
June 2013 120.0
March 2013 122.8
December 2012 121.5
September 2012 118.3
June 2012 119.5
March 2012 120.8

Utica, New York Inferred Affordable Mortgage

The inferred affordable mortgage value is determined by taking the median household income for Utica, New York 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

Utica, New York Inferred Affordable Mortgage History

Date Inferred Mortgage
February 2014 $235,581
January 2014 $231,989
December 2013 $231,171
November 2013 $236,703
October 2013 $238,686
September 2013 $230,358
August 2013 $231,171
July 2013 $233,636
June 2013 $242,143
May 2013 $258,337
April 2013 $261,244
March 2013 $257,378
February 2013 $258,657

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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