Affordable Homes in Extent:
N/A
Report
Who can afford housing here?
Can the typical household income support the typical home value in this ZIP Code?
Areas in green have a score of 100 or higher, indicating that households in this area generally have sufficient income to afford a home in that area.
Areas in purple have a score of 99 or lower, indicating that households in this area generally do not have sufficient income to afford a home in that area.
Enter your ZIP Code and press enter to start: GO
Can the typical household income support the typical home value in this ZIP Code?
Areas in green have a score of 100 or higher, indicating that households in this area generally have sufficient income to afford a home in that area.
Areas in purple have a score of 99 or lower, indicating that households in this area generally do not have sufficient income to afford a home in that area.
Enter your ZIP Code and press enter to start: GO
Please enter a zipcode in the 'Start' tab or click on an area in the map.
Please enter a zipcode in the 'Start' tab or click on an area in the map.
Please enter a zipcode in the 'Start' tab or click on an area in the map.
Mortgage Calculator
Annual Income ($): 10,000
Down Payment Available (%): 20
Mortgage Rate (%): 4.75
Percent of income available for housing: 32
Affordable Home Values ($): 57,119
Annual Income ($): 10,000
Down Payment Available (%): 20
Mortgage Rate (%): 4.75
Percent of income available for housing: 32
Affordable Home Values ($): 57,119
About the Housing Affordability Index
A Housing Affordability Index (HAI) of 100 represents means that on average an area has sufficient household income to qualify for a loan on a home valued at the median home price for the area.
A HAI greater than 100 suggests homes are easily afforded by the average area resident. A HAI less than 100 implies that homes are less affordable, and in these areas, home buyers are likely to need a larger down payment or pay higher interest rates for home loans. In other words, home ownership will require a higher proportion of the homeowner’s income and greater risk of the homeowner defaulting on their mortgage.
Additional Considerations
Esri takes the same approach as the National Association of Realtors by basing its calculation of a HAI as the financial ability of a typical household to purchase an existing home in an area. The HAI assumes the national average contract mortgage rate, which is estimated via survey by the Federal Housing Finance Agency. This rate represents a composite of fixed and adjustable mortgages for loan payment schedules on previously occupied nonfarm single-family homes. The rate reflects a down payment on a home loan of 20 percent of the home price; therefore, mortgage interest is assumed to be zero. Regional property tax rates are determined from the 2008 American Community Survey. Esri’s model follows the Federal Housing Administration’s guidelines for debt service ratios.
A Housing Affordability Index (HAI) of 100 represents means that on average an area has sufficient household income to qualify for a loan on a home valued at the median home price for the area.
A HAI greater than 100 suggests homes are easily afforded by the average area resident. A HAI less than 100 implies that homes are less affordable, and in these areas, home buyers are likely to need a larger down payment or pay higher interest rates for home loans. In other words, home ownership will require a higher proportion of the homeowner’s income and greater risk of the homeowner defaulting on their mortgage.
Additional Considerations
Esri takes the same approach as the National Association of Realtors by basing its calculation of a HAI as the financial ability of a typical household to purchase an existing home in an area. The HAI assumes the national average contract mortgage rate, which is estimated via survey by the Federal Housing Finance Agency. This rate represents a composite of fixed and adjustable mortgages for loan payment schedules on previously occupied nonfarm single-family homes. The rate reflects a down payment on a home loan of 20 percent of the home price; therefore, mortgage interest is assumed to be zero. Regional property tax rates are determined from the 2008 American Community Survey. Esri’s model follows the Federal Housing Administration’s guidelines for debt service ratios.