Department of Numbers

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Jackson, Michigan Home Affordability

The data below measures home affordability for the Jackson, Michigan 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 Jackson home affordability to other cities.

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

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Jackson, Michigan Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
December 2013 96.5
September 2013 95.4
June 2013 93.2
March 2013 90.0
December 2012 91.6
September 2012 91.2
June 2012 89.2
March 2012 90.8

Jackson, Michigan Home Price-to-Rent Ratios

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

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Jackson, Michigan Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
December 2013 72.4
September 2013 71.5
June 2013 69.9
March 2013 67.5
December 2012 68.7
September 2012 68.4
June 2012 66.9
March 2012 68.1

Jackson, Michigan Inferred Affordable Mortgage

The inferred affordable mortgage value is determined by taking the median household income for Jackson, Michigan 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

Jackson, Michigan Inferred Affordable Mortgage History

Date Inferred Mortgage
February 2014 $215,475
January 2014 $212,189
December 2013 $211,441
November 2013 $216,501
October 2013 $218,315
September 2013 $210,698
August 2013 $211,441
July 2013 $213,696
June 2013 $221,477
May 2013 $236,288
April 2013 $238,947
March 2013 $235,411
February 2013 $236,582

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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