Housing
Vacancy - 13.3%
The Amarillo, TX Market ranks 43rd in Vacancy across STI Markets with a Vacancy rate of 13.3%. That is 30,361 Vacant Housing units compared to 198,203 Occupied units.
Average Home Value - $241,465
The Average Home Value for owner occupied housing units in the Amarillo, TX Market is $241,465. This ranks 145th across STI Markets. Over the last 2 years there has been a change of 27.2% in this markets Average Home Value, compared to a national change of 5.1%. This 2 year change in home values ranks 58th across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - Low
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the Amarillo, TX Market is 2.5. The market subsequently ranks 146th across STI Markets. This is considered to be a Low level of mortgage risk.
Affordability Level - Affordable
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 2.9. The Amarillo, TX Market therefore earns the Affordable classification for housing affordability and ranks 155th 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
