Housing
Vacancy - 8.4%
The Yakima-Richland-Kennewick-Pasco, WA Market ranks 120th in Vacancy across STI Markets with a Vacancy rate of 8.4%. That is 27,705 Vacant Housing units compared to 300,442 Occupied units.
Average Home Value - $472,172
The Average Home Value for owner occupied housing units in the Yakima-Richland-Kennewick-Pasco, WA Market is $472,172. This ranks 51st across STI Markets. Over the last 2 years there has been a change of 7.7% in this markets Average Home Value, compared to a national change of 11.8%. This 2 year change in home values ranks 139th across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - High
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the Yakima-Richland-Kennewick-Pasco, WA Market is 3.7. The market subsequently ranks 26th across STI Markets. This is considered to be a 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 4.2. The Yakima-Richland-Kennewick-Pasco, WA Market therefore earns the Accessible classification for housing affordability and ranks 46th 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
