Housing
Vacancy - 5%
The Los Angeles-Ventura-Orange, CA Market ranks 166th in Vacancy across STI Markets with a Vacancy rate of 5%. That is 251,807 Vacant Housing units compared to 4,769,771 Occupied units.
Average Home Value - $1,227,828
The Average Home Value for owner occupied housing units in the Los Angeles-Ventura-Orange, CA Market is $1,227,828. This ranks 4th across STI Markets. Over the last 2 years there has been a change of 7.9% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 131st across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - Extremely High
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the Los Angeles-Ventura-Orange, CA Market is 4.2. The market subsequently ranks 4th across STI Markets. This is considered to be a Extremely High level of mortgage risk.
Affordability Level - Steep
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 9.1. The Los Angeles-Ventura-Orange, CA Market therefore earns the Steep classification for housing affordability and ranks 2nd 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
