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HOA Index1

This document contains housing market data from 1999-2010 including median home price, monthly principal and interest payment, interest rate, median income, income required to qualify for the median priced home, and a housing opportunity affordability index. It shows that the median home price rose from $134,000 to $208,750 from 1999-2009 but fell to $190,000 in 2010. It provides two potential median home price scenarios for 2011 of $230,000 to return to the 12-year historical affordability index average of 96 or $222,000 to reach a minimum index of 100, both assuming an 5.05% interest rate.

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Jason Ingle
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58 views1 page

HOA Index1

This document contains housing market data from 1999-2010 including median home price, monthly principal and interest payment, interest rate, median income, income required to qualify for the median priced home, and a housing opportunity affordability index. It shows that the median home price rose from $134,000 to $208,750 from 1999-2009 but fell to $190,000 in 2010. It provides two potential median home price scenarios for 2011 of $230,000 to return to the 12-year historical affordability index average of 96 or $222,000 to reach a minimum index of 100, both assuming an 5.05% interest rate.

Uploaded by

Jason Ingle
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Year Median Price PI Effective Rate Median Income Qualifying Income HOA Index

1999 $134,000 $731.29 7.25% $36,074 $35,102 103


2000 $142,000 $830.39 7.96% $37,589 $39,859 94
2001 $141,000 $752.74 7.03% $36,462 $36,131 101
2002 $155,000 $784.58 6.51% $36,372 $37,660 97
2003 $162,000 $754.66 5.73% $37,245 $36,224 103
2004 $174,000 $811.45 5.74% $37,738 $38,950 97
2005 $202,000 $958.51 5.90% $40,247 $46,008 87
2006 $220,000 $1,129.86 6.65% $41,000 $54,233 76
2007 $235,000 $1,190.76 6.52% $43,744 $57,157 77
2008 $225,000 $1,023.15 5.51% $45,446 $49,111 93
2009 $208,750 $901.60 5.05% $45,885 $43,277 106
2010 $190,000 $820.62 5.05% $45,885 $39,390 116
96 12 Year average
Median sales price through January 2010
Conservative estimate using 2009 median income.

$230,000 $993.38 5.05% $45,885 $47,682 96


$222,000 $958.83 5.05% $45,885 $46,024 100

Median home price that moves Buncombe Market back to 12 year historical HOA Index average.
Median Home price that moves Buncombe Market up to an a minimum index of 100
** Both scenarios assume an interest rate equal to current 5.05%

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