Housing
Vacancy - 10.1%
The Spokane, WA Market ranks 89th in Vacancy across STI Markets with a Vacancy rate of 10.1%. That is 57,067 Vacant Housing units compared to 508,749 Occupied units.
Average Home Value - $499,903
The Average Home Value for owner occupied housing units in the Spokane, WA Market is $499,903. This ranks 36th across STI Markets. Over the last 2 years there has been a change of 2.5% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 157th 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 Spokane, WA Market is 3.7. The market subsequently ranks 25th 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 5.4. The Spokane, WA Market therefore earns the Costly classification for housing affordability and ranks 20th 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
