Norfolk 5-yr home price forecast: -22.7% Home price/rent ratio: 26.8 15-yr average: 17.9 Note: People typically won't spend more in monthly costs to own a home than they would to rent. While prices soar from time to time, sending the ratio to exceptional heights, the relationship eventually should return to its historical average. Source: Fortune analysis; Moody's Economy.com; PPR; National Association of Realtors. *Home price/rent ratios are for June 2007 **5-yr home price forecast applies to upscale homes (homes that sell for double the local median price) | That's the question homeowners are asking in the midst of the worst real estate slump in decades. Our exclusive calculations can help you figure out what your house will be worth in coming years. (more) Our calculations show that big declines are needed to bring prices back to their historical relationship to rents. (more) |
