What does this measure?
The median home value divided by the median household income, adjusted for inflation.
Why is this important?
The ratio provides a rough estimate of the affordability of homes in a community. A ratio less than 2 or 3 is generally considered affordable.
How is our region doing?
In 2018-22, homes were not generally very affordable in MetroWest, with an affordability ratio of 4.7, compared to the national ratio of 3.8. This was, however, lower than Massachusetts' overall ratio of 5. By comparison, Boston's ratio is extremely high, at 7.7. Housing affordability in the region has decreased slightly from 2008-12, when the ratio was 4.6. This mirrors state and national trends of a decline in affordability.
The least affordable municipalities in MetroWest were Lincoln and Waltham, at 7.5 and 6, respectively. The most affordable was Medway, at 3.3.
Notes about the data
Multiyear 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 released annually in December.
| 2000 | 2008-12 | 2013-17 | 2018-22 | |||||
|---|---|---|---|---|---|---|---|---|
| United States | 2.7 | 3.4 | 3.4 | 3.8 | ||||
| Massachusetts | 3.6 | 5.0 | 4.8 | 5.0 | ||||
| Region | 3.6 | 4.6 | 4.5 | 4.7 | ||||
| Middlesex County | 4.0 | 4.9 | 4.9 | 5.4 | ||||
| Norfolk County | 3.6 | 4.7 | 4.5 | 5.1 | ||||
| Worcester County | 3.0 | 4.1 | 3.8 | 4.1 | ||||
| Acton town, Middlesex County | 3.5 | 4.2 | 4.2 | 4.6 | ||||
| Ashland town, Middlesex County | 3.1 | 3.7 | 3.2 | 4.3 | ||||
| Bedford town, Middlesex County | 3.7 | 5.1 | 4.8 | 5.8 | ||||
| Bellingham town, Norfolk County | 2.5 | 3.4 | 3.0 | 3.4 | ||||
| Boxborough town, Middlesex County | 3.8 | 4.7 | 5.0 | 4.3 | ||||
| Carlisle town, Middlesex County | 3.5 | 4.6 | 4.6 | 3.8 | ||||
| Concord town, Middlesex County | 4.6 | 5.2 | 5.7 | 5.5 | ||||
| Dedham town, Norfolk County | 3.6 | 4.6 | 4.7 | 5.1 | ||||
| Dover town, Norfolk County | 4.3 | 4.8 | 4.9 | 4.6 | ||||
| Framingham city, Middlesex County | 3.9 | 5.1 | 5.1 | 5.8 | ||||
| Franklin town, Norfolk County | 4.0 | 3.6 | 3.7 | |||||
| Groton town, Middlesex County | 3.4 | 3.9 | 3.6 | 3.4 | ||||
| Harvard town, Worcester County | 3.4 | 4.2 | 4.0 | 3.7 | ||||
| Holliston town, Middlesex County | 3.0 | 3.6 | 3.5 | 3.9 | ||||
| Hopkinton town, Middlesex County | 3.4 | 4.0 | 3.6 | 3.7 | ||||
| Hudson town, Middlesex County | 3.1 | 4.4 | 3.8 | 4.4 | ||||
| Lexington town, Middlesex County | 4.3 | 5.0 | 5.0 | 5.3 | ||||
| Lincoln town, Middlesex County | 7.0 | 7.0 | 6.2 | 7.5 | ||||
| Littleton town, Middlesex County | 3.4 | 3.6 | 3.4 | 3.9 | ||||
| Marlborough city, Middlesex County | 3.2 | 4.5 | 4.3 | 4.7 | ||||
| Maynard town, Middlesex County | 3.1 | 4.2 | 3.5 | 4.1 | ||||
| Medfield town, Norfolk County | 3.6 | 4.6 | 4.1 | 3.9 | ||||
| Medway town, Norfolk County | 3.1 | 3.5 | 3.3 | 3.3 | ||||
| Milford town, Worcester County | 3.3 | 4.5 | 3.9 | 4.3 | ||||
| Millis town, Norfolk County | 3.2 | 3.9 | 3.9 | 3.6 | ||||
| Natick town, Middlesex County | 3.5 | 4.5 | 4.7 | 5.3 | ||||
| Needham town, Norfolk County | 4.3 | 5.2 | 5.3 | 5.2 | ||||
| Sherborn town, Middlesex County | 4.1 | 4.7 | 4.2 | 3.7 | ||||
| Southborough town, Worcester County | 3.1 | 3.6 | 4.1 | 4.0 | ||||
| Stow town, Middlesex County | 3.1 | 3.9 | 3.3 | 3.8 | ||||
| Sudbury town, Middlesex County | 3.6 | 3.8 | 3.9 | 3.8 | ||||
| Walpole town, Norfolk County | 3.2 | 4.6 | 4.2 | 4.1 | ||||
| Waltham city, Middlesex County | 4.6 | 5.7 | 5.6 | 6.0 | ||||
| Wayland town, Middlesex County | 3.8 | 4.8 | 4.0 | 4.1 | ||||
| Wellesley town, Norfolk County | 4.8 | 5.7 | 5.9 | 5.7 | ||||
| Westborough town, Worcester County | 3.4 | 4.2 | 4.0 | 4.5 | ||||
| Westford town, Middlesex County | 2.8 | 3.7 | 3.5 | 3.9 | ||||
| Weston town, Middlesex County | 4.7 | 5.7*** | 6.1 | 5.7 | ||||
| Westwood town, Norfolk County | 4.1 | 4.7 | 4.5 | 4.8 |
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%.
| INDICATORS | REGIONAL TREND |
|---|---|
| People Living in Poverty | Maintaining |
| People Living in Poverty, by Education Level | Not Applicable |
| People Living in Poverty, by Race/Ethnicity | Not Applicable |
| Households Receiving Temporary Assistance | Maintaining |
| Participation in Food Assistance by Race/Ethnicity | Not Applicable |
| Median Household Income | Maintaining |
| Median Household Income, by Race/Ethnicity | Not Applicable |
| Living Wage | Not Applicable |
| 80/20 Income Ratio | Maintaining |
| Access to Financial Services, by Race/Ethnicity | Not Applicable |
| Homeownership Rates | Maintaining |
| Homeownership Rates, by Race/Ethnicity | Not Applicable |
| Cost of Homeownership | Increasing |
| Cost of Homeownership, by Race/Ethnicity | Not Applicable |
| Cost of Rent | Not Applicable |
| Cost of Rent, by Race/Ethnicity | Not Applicable |
| Homelessness | Increasing |
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