What does this measure?
The ratio of the median home value divided by the median household income, adjusted for inflation.
Why is this important?
This ratio provides a rough estimate of the affordability of homes in a community. A ratio less than 2 or 3 is considered affordable.
How is our region performing?
The regional ratio of median home value to median household income was 1.9 in 2012-16, much more affordable than in the state (3.4) and nation (2.6). The regional ratio increased 17% from 2000 through 2012-16, less than the statewide increase of 42% and the national increase of 24% over the same period. The ratio in the region increased much less (2%) from 2007-11 to 2012-16 than from 2000 to 2007-11 (15%).
From 2000 to 2012-16, the ratio in each county in the region increased, with the largest increases coming in Ontario (23%), Monroe and Wayne (both 19%), and the smallest increase in Genesee (1%). Like the region as a whole, most counties saw a decrease or much smaller increase from 2007-11 to 2012-16 than from 2000 to 2007-11. In 2012-16, the counties with the lowest ratio were Seneca and Orleans (both 1.6), and the counties with the highest ratio were Ontario and Yates, each at 2.1. Rochester's ratio was 1.5, lower than every county in the region.
Notes about the data
Multi-year figures are from the Census Bureau's American Community Survey. The bureau combined five years of responses to the survey to provide estimates for smaller geographic areas and increase the precision of its estimates. The survey provides data on characteristics of the population that used to be collected only during the decennial census. Data for this indicator are expected to be released in the fourth quarter.
|NYS (excluding NYC)||2.6||3.6||3.3|
Notes: Ratio of median home value to median household income. Multiyear results are from rolling American Community Survey. * Margin of error between 20% & 35% of estimate; ** margin of error between 35% & 50%; *** margin of error greater than 50%.
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