Housing
Vacancy - 14.8%
The Miami-Fort Lauderdale, FL Market ranks 23rd in Vacancy across STI Markets with a Vacancy rate of 14.8%. That is 611,334 Vacant Housing units compared to 3,507,602 Occupied units.
Average Home Value - $713,361
The Average Home Value for owner occupied housing units in the Miami-Fort Lauderdale, FL Market is $713,361. This ranks 13th across STI Markets. Over the last 2 years there has been a change of 11.1% in this markets Average Home Value, compared to a national change of 11.8%. This 2 year change in home values ranks 99th across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - Moderate
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the Miami-Fort Lauderdale, FL Market is 3.4. The market subsequently ranks 39th across STI Markets. This is considered to be a Moderate level of mortgage risk.
Affordability Level - Costly
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 5.7. The Miami-Fort Lauderdale, FL Market therefore earns the Costly classification for housing affordability and ranks 8th 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
