Housing
Vacancy - 13.6%
The Odessa-Midland, TX Market ranks 36th in Vacancy across STI Markets with a Vacancy rate of 13.6%. That is 27,533 Vacant Housing units compared to 175,206 Occupied units.
Average Home Value - $275,109
The Average Home Value for owner occupied housing units in the Odessa-Midland, TX Market is $275,109. This ranks 129th across STI Markets. Over the last 2 years there has been a change of 12.7% in this markets Average Home Value, compared to a national change of 11.8%. This 2 year change in home values ranks 78th 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 Odessa-Midland, TX Market is 2.6. The market subsequently ranks 130th across STI Markets. This is considered to be a Low level of mortgage risk.
Affordability Level - Affordable
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 2.5. The Odessa-Midland, TX Market therefore earns the Affordable classification for housing affordability and ranks 164th 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
