Department of Numbers

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Elkhart, Indiana Home Affordability

The data below measures home affordability for the Elkhart-Goshen, Indiana 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 Elkhart home affordability to other cities.

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Elkhart, Indiana Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
December 2013 113.3
September 2013 112.5
June 2013 111.1
March 2013 111.6
December 2012 111.8
September 2012 110.3
June 2012 109.8
March 2012 109.3

Elkhart, Indiana Home Price-to-Rent Ratios

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Elkhart, Indiana Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
December 2013 89.8
September 2013 89.1
June 2013 88.0
March 2013 88.4
December 2012 88.6
September 2012 87.4
June 2012 87.0
March 2012 86.6

Elkhart, Indiana Inferred Affordable Mortgage

The inferred affordable mortgage value is determined by taking the median household income for Elkhart, Indiana 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

Elkhart, Indiana Inferred Affordable Mortgage History

Date Inferred Mortgage
February 2014 $228,923
January 2014 $225,432
December 2013 $224,638
November 2013 $230,013
October 2013 $231,940
September 2013 $223,847
August 2013 $224,638
July 2013 $227,033
June 2013 $235,300
May 2013 $251,035
April 2013 $253,860
March 2013 $250,104
February 2013 $251,347

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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