Visual Library
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Affordability & Cost of Living
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Measuring Affordability
Explainer

A Home Price Index Does Not Include Mortgage Rates

A home-price index measures home values, not the financing cost faced by a buyer.

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What This Graphic Shows

The graphic separates home-price movement from mortgage rates and notes that average 30-year mortgage rates more than doubled between 2021 and 2024.

Key Takeaway

Housing purchase affordability depends on both the price of the home and the cost of financing it.

Verification Status:

Verified — Current

Last Verified:

September 21, 2026

Sources

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Ohio Common Ground Research Center

Ohio Housing Affordability: Prices, Income, Rents, and Cost Burden, 2015–2026

August 12, 2026
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Explainer

Affordability = Price Relative to Wages

Price change alone does not tell you whether something became more or less affordable.

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Explainer

Hours of Work Tell a Different Affordability Story

Converting a price into hours of work provides another way to compare affordability across time.

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