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This section of Department of Numbers is no longer being updated and may be removed in the future. The data here is out of date and should no longer be used.

Charlottesville, Virginia Home Affordability

The data below measures home affordability for the Charlottesville, Virginia 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 Charlottesville home affordability to other cities.

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Charlottesville, Virginia Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
December 2013 125.4
September 2013 124.2
June 2013 124.6
March 2013 123.7
December 2012 123.3
September 2012 122.4
June 2012 122.7
March 2012 124.5

Charlottesville, Virginia Home Price-to-Rent Ratios

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Charlottesville, Virginia Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
December 2013 121.2
September 2013 120.0
June 2013 120.4
March 2013 119.5
December 2012 119.2
September 2012 118.2
June 2012 118.6
March 2012 120.3

Charlottesville, Virginia Inferred Affordable Mortgage

The inferred affordable mortgage value is determined by taking the median household income for Charlottesville, Virginia 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

Charlottesville, Virginia Inferred Affordable Mortgage History

Date Inferred Mortgage
February 2014 $317,658
January 2014 $312,814
December 2013 $311,712
November 2013 $319,171
October 2013 $321,845
September 2013 $310,615
August 2013 $311,712
July 2013 $315,036
June 2013 $326,507
May 2013 $348,342
April 2013 $352,262
March 2013 $347,049
February 2013 $348,774

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.