Housing
Vacancy - 13%
The Fort Smith, AR-OK Market ranks 49th in Vacancy across STI Markets with a Vacancy rate of 13%. That is 32,437 Vacant Housing units compared to 216,604 Occupied units.
Average Home Value - $245,591
The Average Home Value for owner occupied housing units in the Fort Smith, AR-OK Market is $245,591. This ranks 151st across STI Markets. Over the last 2 years there has been a change of 11.4% in this markets Average Home Value, compared to a national change of 11.8%. This 2 year change in home values ranks 96th across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - Low
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the Fort Smith, AR-OK Market is 2.6. The market subsequently ranks 124th across STI Markets. This is considered to be a Low 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 3.1. The Fort Smith, AR-OK Market therefore earns the Accessible classification for housing affordability and ranks 121st 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
