CFED Scorecard

CFED Assets & Opportunity Scorecard

Housing & Homeownership
Affordability of Homes
Definition

Median housing value divided by median family income, 2014.

Description

This measure estimates housing affordability relative to income. In areas where housing values are high relative to income, many prospective homeowners are priced out of the market, prohibiting them from building home equity. Whereas high housing values benefit those who already own their homes, a high ratio of housing value to wages typically makes it less likely that someone can afford to purchase a home.

Median home values in United States are 3.4 times greater than median household income

Affordability of Homes, 2014

StateMedian Housing Value, 2014Median Household Income, 2014Ratio of Median Housing Value
to Median Household Income
Rank
United States $181,200 $53,657 3.4
Alabama $125,600 $42,830 2.9 16
Alaska $254,500 $71,583 3.6 33
Arizona $176,700 $50,068 3.5 29
Arkansas $112,500 $41,262 2.7 11
California $412,700 $61,933 6.7 49
Colorado $255,200 $61,303 4.2 41
Connecticut $267,200 $70,048 3.8 36
Delaware $230,500 $59,716 3.9 38
District of Columbia $486,900 $71,648 6.8 50
Florida $162,700 $47,463 3.4 26
Georgia $147,900 $49,321 3.0 18
Hawaii $528,000 $69,592 7.6 51
Idaho $165,300 $47,861 3.5 27
Illinois $171,900 $57,444 3.0 17
Indiana $124,300 $49,446 2.5 2
Iowa $133,100 $53,712 2.5 1
Kansas $132,100 $52,504 2.5 3
Kentucky $123,800 $42,958 2.9 15
Louisiana $143,600 $44,555 3.2 24
Maine $174,800 $49,462 3.5 30
Maryland $288,500 $73,971 3.9 39
Massachusetts $338,900 $69,160 4.9 48
Michigan $125,700 $49,847 2.5 5
Minnesota $188,300 $61,481 3.1 19
Mississippi $104,000 $39,680 2.6 9
Missouri $138,500 $48,363 2.9 14
Montana $196,800 $46,328 4.3 42
Nebraska $133,800 $52,686 2.5 7
Nevada $192,100 $51,450 3.7 35
New Hampshire $236,400 $66,532 3.6 32
New Jersey $313,200 $71,919 4.4 45
New Mexico $158,400 $44,803 3.5 31
New York $279,100 $58,878 4.7 47
North Carolina $155,000 $46,556 3.3 25
North Dakota $161,800 $59,029 2.7 12
Ohio $129,100 $49,308 2.6 8
Oklahoma $119,800 $47,529 2.5 4
Oregon $239,800 $51,075 4.7 46
Pennsylvania $165,400 $53,234 3.1 21
Rhode Island $236,000 $54,891 4.3 43
South Carolina $140,000 $45,238 3.1 20
South Dakota $142,300 $50,979 2.8 13
Tennessee $142,900 $44,361 3.2 23
Texas $139,600 $53,035 2.6 10
Utah $223,200 $60,922 3.7 34
Vermont $214,600 $54,166 4.0 40
Virginia $247,800 $64,902 3.8 37
Washington $266,200 $61,366 4.3 44
West Virginia $103,900 $41,059 2.5 6
Wisconsin $164,700 $52,622 3.1 22
Wyoming $201,000 $57,055 3.5 28

Change in Affordability of Homes

Ratio of Median Housing Value to Median Household Income (Ratio)
State200620072008200920102011201220132014
United States 3.5 3.8 3.8 3.7 3.6 3.4 3.3 3.3 3.4
Alabama 2.2 2.9 2.8 3.0 3.1 3.0 3.0 2.9 2.9
Alaska — * 3.6 3.5 3.5 3.7 3.5 3.6 3.5 3.6
Arizona 4.6 4.8 4.5 3.9 3.6 3.3 3.2 3.4 3.5
Arkansas 3.0 2.6 2.7 2.7 2.8 2.7 2.7 2.7 2.7
California 8.9 8.9 7.7 6.5 6.4 6.2 6.0 6.2 6.7
Colorado 3.9 4.2 4.2 4.3 4.4 4.2 4.1 4.1 4.2
Connecticut 4.3 4.7 4.5 4.3 4.5 4.2 4.0 4.0 3.8
Delaware — * 4.4 4.3 4.4 4.4 4.0 3.9 3.9 3.9
District of Columbia — * 8.3 8.2 7.5 7.0 6.7 6.9 7.0 6.8
Florida 4.7 4.8 4.6 4.1 3.7 3.4 3.3 3.3 3.4
Georgia 3.3 3.3 3.3 3.4 3.4 3.2 3.0 3.0 3.0
Hawaii — * 8.7 8.3 8.1 8.3 7.9 7.5 7.4 7.6
Idaho 2.6 3.9 3.9 3.8 3.8 3.7 3.4 3.4 3.5
Illinois 3.5 3.9 3.8 3.7 3.6 3.4 3.1 3.0 3.0
Indiana 2.6 2.6 2.6 2.7 2.8 2.6 2.6 2.6 2.5
Iowa 2.5 2.5 2.5 2.5 2.6 2.5 2.5 2.4 2.5
Kansas 2.1 2.6 2.5 2.6 2.6 2.6 2.6 2.5 2.5
Kentucky 2.8 2.8 2.9 2.9 3.0 2.9 2.9 2.8 2.9
Louisiana 2.4 3.1 3.0 3.2 3.2 3.3 3.2 3.2 3.2
Maine 3.2 3.8 3.9 3.9 3.9 3.7 3.7 3.7 3.5
Maryland 4.6 5.1 4.8 4.6 4.4 4.1 3.9 3.9 3.9
Massachusetts 6.1 5.9 5.4 5.3 5.4 5.2 5.0 4.9 4.9
Michigan 3.3 3.2 3.1 2.9 2.7 2.6 2.5 2.4 2.5
Minnesota 3.7 3.8 3.7 3.6 3.5 3.2 3.0 3.0 3.1
Mississippi 2.2 2.6 2.6 2.7 2.7 2.7 2.7 2.6 2.6
Missouri 2.7 3.1 3.0 3.1 3.1 3.0 3.0 2.8 2.9
Montana 3.8 3.9 4.1 4.2 4.2 4.2 4.1 4.0 4.2
Nebraska 2.5 2.6 2.5 2.6 2.6 2.5 2.5 2.6 2.5
Nevada 5.6 5.7 4.8 3.9 3.4 3.2 3.0 3.2 3.7
New Hampshire 4.6 4.2 4.2 4.1 4.0 3.8 3.7 3.6 3.6
New Jersey 4.8 5.6 5.2 5.1 5.0 4.8 4.5 4.4 4.4
New Mexico 3.5 3.7 3.8 3.7 3.8 3.8 3.7 3.6 3.5
New York 3.9 5.8 5.7 5.6 5.5 5.2 5.0 4.8 4.7
North Carolina 3.0 3.3 3.3 3.6 3.6 3.5 3.3 3.4 3.3
North Dakota — * 2.4 2.5 2.4 2.5 2.5 2.7 2.8 2.7
Ohio 2.8 3.0 2.9 3.0 3.0 2.8 2.7 2.6 2.6
Oklahoma 2.2 2.5 2.5 2.6 2.6 2.6 2.6 2.5 2.5
Oregon 4.1 5.3 5.4 5.3 5.3 5.0 4.6 4.6 4.7
Pennsylvania 2.8 3.2 3.2 3.3 3.4 3.3 3.2 3.2 3.1
Rhode Island — * 5.5 5.1 4.9 4.9 4.6 4.3 4.2 4.3
South Carolina 2.9 3.1 3.1 3.2 3.3 3.2 3.1 3.2 3.1
South Dakota 2.5 2.7 2.7 2.8 2.8 2.7 2.8 2.8 2.8
Tennessee 2.7 3.1 3.2 3.3 3.4 3.3 3.2 3.2 3.2
Texas 2.4 2.5 2.5 2.6 2.6 2.6 2.5 2.6 2.6
Utah 3.2 4.0 4.2 4.1 4.0 3.7 3.5 3.5 3.7
Vermont — * 4.1 4.1 4.2 4.4 4.0 4.1 4.2 4.0
Virginia 4.2 4.4 4.4 4.3 4.1 3.9 3.9 3.8 3.8
Washington 4.4 5.4 5.3 5.1 4.9 4.5 4.2 4.3 4.3
West Virginia 3.7 2.6 2.5 2.5 2.5 2.6 2.5 2.5 2.5
Wisconsin 2.9 3.3 3.3 3.4 3.5 3.3 3.2 3.2 3.1
Wyoming — * 3.3 3.5 3.5 3.4 3.2 3.4 3.3 3.5

Definition

Median housing value divided by median family income, 2014.

Source

2014 American Community Survey. Washington, DC: U.S. Department of Commerce, Census Bureau, 2015.

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