Housing
Vacancy - 7.6%
The New York, NY Market ranks 141st in Vacancy across STI Markets with a Vacancy rate of 7.6%. That is 455,700 Vacant Housing units compared to 5,566,819 Occupied units.
Average Home Value - $1,070,878
The Average Home Value for owner occupied housing units in the New York, NY Market is $1,070,878. This ranks 7th across STI Markets. Over the last 2 years there has been a change of 13.7% in this markets Average Home Value, compared to a national change of 7.9%. This 2 year change in home values ranks 10th across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - High
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the New York, NY Market is 3.6. The market subsequently ranks 31st across STI Markets. This is considered to be a High level of mortgage risk.
Affordability Level - Costly
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 6.7. The New York, NY Market therefore earns the Costly classification for housing affordability and ranks 6th 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
