Median Home Value

Median home value for the 3rd quarter of 2018 was estimated for each county studied. Home values represent the value of all homes instead of home sales.

Base Price Subject to Population Threshold

The most recent American Community Survey (ACS) data was used, subject to ACS population thresholds. This means that for counties with population less than 65,000, the 5-year ACS estimates were used for the price calculations. Respectively, for counties which have a population at or exceeding the population threshold of 65,000, the 1-year ACS estimates were used.

Growth Rate for Counties in Metropolitan Statistical Areas

The House Price Index (HPI)1 growth in the related metropolitan area was applied to the 2017 ACS estimates.

Growth Rate for Counties in Non-Metropolitan Areas

For counties which are not included in a metropolitan area, the related state-Non-metropolitan Areas HPI growth rate was applied.

Monthly Mortgage Payment

A ten percent down payment was used to calculate the monthly mortgage payment assuming a 30-year fixed-rate fully amortizing mortgage. Mortgage payments in this study include only principal and interest payments; actual payments, which are likely to include escrow payments for insurance and taxes, may be higher.

Data Sources

Price: American Community Survey (ACS) Summary Tables (2017).

Federal Housing Finance Agency (FHFA) House Price Index (HPI) Interest Rates: Freddie Mac Primary Mortgage Market Survey.

1 The House Price Index from FHFA


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