Housing
Vacancy - 9.9%
The Champaign-Urbana-Terre Haute, IL-IN Market ranks 89th in Vacancy across STI Markets with a Vacancy rate of 9.9%. That is 30,385 Vacant Housing units compared to 276,036 Occupied units.
Average Home Value - $249,688
The Average Home Value for owner occupied housing units in the Champaign-Urbana-Terre Haute, IL-IN Market is $249,688. This ranks 153rd across STI Markets. Over the last 2 years there has been a change of 14.1% in this markets Average Home Value, compared to a national change of 7.9%. This 2 year change in home values ranks 7th 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 Champaign-Urbana-Terre Haute, IL-IN Market is 2.3. The market subsequently ranks 162nd 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 2.8. The Champaign-Urbana-Terre Haute, IL-IN Market therefore earns the Affordable classification for housing affordability and ranks 157th 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
