Housing
Vacancy - 10.5%
The Springfield-Fayetteville, MO-AR Market ranks 83rd in Vacancy across STI Markets with a Vacancy rate of 10.5%. That is 70,841 Vacant Housing units compared to 603,492 Occupied units.
Average Home Value - $373,315
The Average Home Value for owner occupied housing units in the Springfield-Fayetteville, MO-AR Market is $373,315. This ranks 73rd across STI Markets. Over the last 2 years there has been a change of 12.8% in this markets Average Home Value, compared to a national change of 11.8%. This 2 year change in home values ranks 77th 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 Springfield-Fayetteville, MO-AR Market is 3. The market subsequently ranks 76th 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 3.7. The Springfield-Fayetteville, MO-AR Market therefore earns the Accessible classification for housing affordability and ranks 69th 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
