Housing
Vacancy - 18.6%
The Tallahassee-Panama City, FL-GA Market ranks 10th in Vacancy across STI Markets with a Vacancy rate of 18.6%. That is 108,400 Vacant Housing units compared to 474,523 Occupied units.
Average Home Value - $373,043
The Average Home Value for owner occupied housing units in the Tallahassee-Panama City, FL-GA Market is $373,043. This ranks 78th across STI Markets. Over the last 2 years there has been a change of 6.4% in this markets Average Home Value, compared to a national change of 7.9%. This 2 year change in home values ranks 119th 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 Tallahassee-Panama City, FL-GA Market is 3. The market subsequently ranks 71st across STI Markets. This is considered to be a Moderate 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 3.8. The Tallahassee-Panama City, FL-GA Market therefore earns the Accessible classification for housing affordability and ranks 67th 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
