Housing
Vacancy - 8.8%
The Peoria-Pekin-Bloomington-Normal, IL Market ranks 111th in Vacancy across STI Markets with a Vacancy rate of 8.8%. That is 28,553 Vacant Housing units compared to 294,846 Occupied units.
Average Home Value - $266,174
The Average Home Value for owner occupied housing units in the Peoria-Pekin-Bloomington-Normal, IL Market is $266,174. This ranks 143rd across STI Markets. Over the last 2 years there has been a change of 12.7% in this markets Average Home Value, compared to a national change of 7.9%. This 2 year change in home values ranks 17th 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 Peoria-Pekin-Bloomington-Normal, IL Market is 2.2. The market subsequently ranks 166th 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 2.6. The Peoria-Pekin-Bloomington-Normal, IL Market therefore earns the Affordable classification for housing affordability and ranks 164th 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
