Housing
Vacancy - 8.8%
The Santa Barbara-San Luis Obispo, CA Market ranks 114th in Vacancy across STI Markets with a Vacancy rate of 8.8%. That is 24,808 Vacant Housing units compared to 255,759 Occupied units.
Average Home Value - $1,268,451
The Average Home Value for owner occupied housing units in the Santa Barbara-San Luis Obispo, CA Market is $1,268,451. This ranks 3rd across STI Markets. Over the last 2 years there has been a change of 10% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 115th 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 Santa Barbara-San Luis Obispo, CA Market is 4. The market subsequently ranks 8th across STI Markets. This is considered to be a 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 9.4. The Santa Barbara-San Luis Obispo, CA Market therefore earns the Steep classification for housing affordability and ranks 1st 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
