Median Home Value
The National Association of REALTORS® estimates quarterly median home values for each county. 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 a population of less than 65,000, the 5-year ACS estimates were used for the price calculations. Respectively, for counties that 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 2021 ACS estimates.
Growth Rate for Counties in Non-Metropolitan Areas
For counties that are not included in a metropolitan area, the related state-Nonmetropolitan Areas HPI growth rate was applied.
Monthly Mortgage Payment
A 10% 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.
- Price: American Community Survey (ACS) Summary Tables (2021), Federal Housing Finance Agency (FHFA) House Price Index (HPI)
- Interest Rates: Freddie Mac Primary Mortgage Market Survey.
1 The House Price Index from FHFA https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat