Housing
Vacancy - 11.8%
The South Bend-Benton Harbor, IN-MI Market ranks 64th in Vacancy across STI Markets with a Vacancy rate of 11.8%. That is 55,802 Vacant Housing units compared to 418,367 Occupied units.
Average Home Value - $319,328
The Average Home Value for owner occupied housing units in the South Bend-Benton Harbor, IN-MI Market is $319,328. This ranks 104th across STI Markets. Over the last 2 years there has been a change of 15% in this markets Average Home Value, compared to a national change of 11.8%. This 2 year change in home values ranks 43rd 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 South Bend-Benton Harbor, IN-MI Market is 2.7. The market subsequently ranks 116th 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 3.3. The South Bend-Benton Harbor, IN-MI Market therefore earns the Accessible classification for housing affordability and ranks 96th 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
