Housing
Vacancy - 7.9%
The Salt Lake City-Provo, UT Market ranks 135th in Vacancy across STI Markets with a Vacancy rate of 7.9%. That is 98,237 Vacant Housing units compared to 1,146,992 Occupied units.
Average Home Value - $642,787
The Average Home Value for owner occupied housing units in the Salt Lake City-Provo, UT Market is $642,787. This ranks 17th across STI Markets. Over the last 2 years there has been a change of 9.1% in this markets Average Home Value, compared to a national change of 11.8%. This 2 year change in home values ranks 118th across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - Extremely High
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the Salt Lake City-Provo, UT Market is 4.2. The market subsequently ranks 3rd across STI Markets. This is considered to be a Extremely High level of mortgage risk.
Affordability Level - Accessible
Overall Affordability can be classified in a similar fashion, comparing the Markets Average Home Value with the Average Household Income. This Affordability ratio currently sits at 4.9. The Salt Lake City-Provo, UT Market therefore earns the Accessible classification for housing affordability and ranks 21st across STI Markets. The following chart shows how markets compare between these two measure. Note the breaks between affordability classifications are 3, 5, and 7.
Figure 60: Affordability Comparision
