Housing AffordabiIity by Metro Area

Bef ore the housing boom, house values and incomes consistently moved in lock step in many housing markets. Economists
say that makes the price-to-income ratio one gauge of whether certain metro areas are undervalued or overvalued. The
charts below measure where the price-to-income ratio stands f or certain markets relative to the 1985-2000 average.
Type in city name:
US
Source: Zillow.com
Metro
-40% -30% -20% -10% 0% 10% 20% 30% 40% 50%
Current Price to ncome Ratio Compared to Historic Average
Detroit
Las Vegas
Manchester
Merced
Stockton
Modesto
Reno
Ocala
Gainesville (GA)
Phoenix
Fort Myers
Cleveland
El Centro
Dallas-Fort Worth
Binghamton
Worcester
Port St. Lucie
Melbourne
Dayton
Vallejo
Bakersf ield
Lakeland
Orlando
Canton
Utica
Atlanta
Fresno
Toledo
Chicago
Ann Arbor
Columbus
Akron
Tampa
Lansing
Rochester
Visalia
-3%
-4%
-4%
-5%
-6%
-6%
-7%
-7%
-7%
-7%
-8%
-8%
-8%
-9%
-9%
-9%
-9%
-10%
-10%
-10%
-10%
-10%
-11%
-12%
-12%
-13%
-13%
-14%
-16%
-17%
-18%
-19%
-19%
-22%
-25%
-35%
-35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60%
Virginia Beach Detroit
Current Price-to-Income Ratio Compared to HistoricaI Average
Action (Metro)
US
'85 '87 198.. 198.. 199.. 199.. 199.. 199.. 199.. 199.. 199.. 199.. 199.. 199.. 200.. 200.. 200.. 200.. 200.. 200.. 200.. 200.. 200.. 200.. 201.. 201..
0.0
2.0
4.0
V
a
l
u
e Average 1985-2000
US Price-to-ncome Ratio