Housing
Vacancy - 7%
The Cincinnati-Middletown, OH-KY-IN Market ranks 149th in Vacancy across STI Markets with a Vacancy rate of 7%. That is 74,000 Vacant Housing units compared to 989,437 Occupied units.
Average Home Value - $387,046
The Average Home Value for owner occupied housing units in the Cincinnati-Middletown, OH-KY-IN Market is $387,046. This ranks 71st across STI Markets. Over the last 2 years there has been a change of 10.8% in this markets Average Home Value, compared to a national change of 7.9%. This 2 year change in home values ranks 45th 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 Cincinnati-Middletown, OH-KY-IN Market is 2.8. The market subsequently ranks 97th 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 3.4. The Cincinnati-Middletown, OH-KY-IN Market therefore earns the Accessible classification for housing affordability and ranks 99th 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
