Housing
Vacancy - 7.8%
The Providence, RI Market ranks 139th in Vacancy across STI Markets with a Vacancy rate of 7.8%. That is 57,769 Vacant Housing units compared to 682,002 Occupied units.
Average Home Value - $616,706
The Average Home Value for owner occupied housing units in the Providence, RI Market is $616,706. This ranks 19th across STI Markets. Over the last 2 years there has been a change of 19% in this markets Average Home Value, compared to a national change of 11.8%. This 2 year change in home values ranks 6th 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 Providence, RI Market is 3.7. The market subsequently ranks 27th 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 5. The Providence, RI Market therefore earns the Costly classification for housing affordability and ranks 17th 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
