Housing
Vacancy - 13.4%
The Beaumont-Lake Charles, TX-LA Market ranks 41st in Vacancy across STI Markets with a Vacancy rate of 13.4%. That is 48,139 Vacant Housing units compared to 312,356 Occupied units.
Average Home Value - $219,281
The Average Home Value for owner occupied housing units in the Beaumont-Lake Charles, TX-LA Market is $219,281. This ranks 160th across STI Markets. Over the last 2 years there has been a change of 3% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 151st 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 Beaumont-Lake Charles, TX-LA Market is 2.4. The market subsequently ranks 155th 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 2.5. The Beaumont-Lake Charles, TX-LA Market therefore earns the Affordable classification for housing affordability and ranks 166th 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
