Housing
Vacancy - 16.5%
The Wilmington-Myrtle Beach, SC-NC Market ranks 16th in Vacancy across STI Markets with a Vacancy rate of 16.5%. That is 153,621 Vacant Housing units compared to 779,538 Occupied units.
Average Home Value - $385,825
The Average Home Value for owner occupied housing units in the Wilmington-Myrtle Beach, SC-NC Market is $385,825. This ranks 72nd across STI Markets. Over the last 2 years there has been a change of 7.6% in this markets Average Home Value, compared to a national change of 7.9%. This 2 year change in home values ranks 96th 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 Wilmington-Myrtle Beach, SC-NC Market is 3. The market subsequently ranks 75th 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 4.1. The Wilmington-Myrtle Beach, SC-NC Market therefore earns the Accessible classification for housing affordability and ranks 56th 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
