Housing
Vacancy - 18.2%
The Alaska, AK Market ranks 11th in Vacancy across STI Markets with a Vacancy rate of 18.2%. That is 60,398 Vacant Housing units compared to 272,080 Occupied units.
Average Home Value - $436,019
The Average Home Value for owner occupied housing units in the Alaska, AK Market is $436,019. This ranks 60th across STI Markets. Over the last 2 years there has been a change of 10.2% in this markets Average Home Value, compared to a national change of 11.8%. This 2 year change in home values ranks 106th across STI Markets.
Figure 56: 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 Alaska, AK Market is 3.4. The market subsequently ranks 40th 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 3.5. The Alaska, AK Market therefore earns the Accessible classification for housing affordability and ranks 82nd 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 61: Affordability Comparision
