Housing
Vacancy - 8.3%
The Virginia Beach-Newport News, VA-NC Market ranks 122nd in Vacancy across STI Markets with a Vacancy rate of 8.3%. That is 69,596 Vacant Housing units compared to 773,505 Occupied units.
Average Home Value - $480,644
The Average Home Value for owner occupied housing units in the Virginia Beach-Newport News, VA-NC Market is $480,644. This ranks 51st across STI Markets. Over the last 2 years there has been a change of 11.1% in this markets Average Home Value, compared to a national change of 7.9%. This 2 year change in home values ranks 41st across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - Moderate
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the Virginia Beach-Newport News, VA-NC Market is 3.5. The market subsequently ranks 34th across STI Markets. This is considered to be a Moderate 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 4.3. The Virginia Beach-Newport News, VA-NC Market therefore earns the Accessible classification for housing affordability and ranks 45th 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
