Housing
Vacancy - 7.7%
The Cedar Rapids-Waterloo-Debuque, IA Market ranks 140th in Vacancy across STI Markets with a Vacancy rate of 7.7%. That is 31,624 Vacant Housing units compared to 379,383 Occupied units.
Average Home Value - $294,675
The Average Home Value for owner occupied housing units in the Cedar Rapids-Waterloo-Debuque, IA Market is $294,675. This ranks 124th across STI Markets. Over the last 2 years there has been a change of 10.1% in this markets Average Home Value, compared to a national change of 11.8%. This 2 year change in home values ranks 107th 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 Cedar Rapids-Waterloo-Debuque, IA Market is 2.5. The market subsequently ranks 135th 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 2.8. The Cedar Rapids-Waterloo-Debuque, IA Market therefore earns the Affordable classification for housing affordability and ranks 151st 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
