Housing
Vacancy - 7.9%
The Des Moines, IA Market ranks 137th in Vacancy across STI Markets with a Vacancy rate of 7.9%. That is 44,315 Vacant Housing units compared to 519,218 Occupied units.
Average Home Value - $303,546
The Average Home Value for owner occupied housing units in the Des Moines, IA Market is $303,546. This ranks 116th across STI Markets. Over the last 2 years there has been a change of 9.7% in this markets Average Home Value, compared to a national change of 11.8%. This 2 year change in home values ranks 113th 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 Des Moines, IA Market is 2.7. The market subsequently ranks 121st 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 2.7. The Des Moines, IA Market therefore earns the Affordable classification for housing affordability and ranks 152nd 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
