Housing
Vacancy - 9%
The Rockford-Davenport-Moline, IA-IL Market ranks 110th in Vacancy across STI Markets with a Vacancy rate of 9%. That is 49,473 Vacant Housing units compared to 500,361 Occupied units.
Average Home Value - $249,255
The Average Home Value for owner occupied housing units in the Rockford-Davenport-Moline, IA-IL Market is $249,255. This ranks 149th across STI Markets. Over the last 2 years there has been a change of 16.2% in this markets Average Home Value, compared to a national change of 11.8%. This 2 year change in home values ranks 21st 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 Rockford-Davenport-Moline, IA-IL Market is 2.3. The market subsequently ranks 159th 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 Rockford-Davenport-Moline, IA-IL Market therefore earns the Affordable classification for housing affordability and ranks 162nd 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
