Housing

Vacancy - 12.3%

The Rio Grande Valley, TX Market ranks 57th in Vacancy across STI Markets with a Vacancy rate of 12.3%. That is 80,225 Vacant Housing units compared to 574,295 Occupied units.

Ownership - 67.1%

Among Occupied Housing Units, 67.1% are Owner occupied versus 32.9% that are Renter Occupied. The Rio Grande Valley, TX Market ranks 86th in home ownership across STI Markets.

Vacany Ownership

Figure 53: Vacany Ownership

Vacancy & Ownership Comparison

The following chart compares the proportion of Housing Units that are vacant with the proportion of occupied housing that is owner occupied.

Vacancy and Ownership for STI Markets

Figure 54: Vacancy and Ownership for STI Markets

Average Home Value - $207,085

The Average Home Value for owner occupied housing units in the Rio Grande Valley, TX Market is $207,085. This ranks 165th across STI Markets. Over the last 2 years there has been a change of 15.7% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 33rd across STI Markets.

Home Value 2year History

Figure 55: Home Value 2year History

Home Value Quarterly History from 2007

Home Value History

Figure 56: Home Value History

Home Value Distribution

Home Value Distribution

Figure 57: Home Value Distribution

Home Value Distribution Line

In the below chart the black line represents the nation and the multi-colored line represents the Rio Grande Valley, TX Market. Data after 1 million is scaled by a factor of 1/5th.

Home Value Distribution Line

Figure 58: Home Value Distribution Line

Average Home Value by Census Tract

Home Value Thematic

Figure 59: Home Value Thematic

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 Rio Grande Valley, TX Market is 2.7. The market subsequently ranks 118th 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 2.8. The Rio Grande Valley, TX Market therefore earns the Affordable classification for housing affordability and ranks 160th 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.

Affordability Comparision

Figure 60: Affordability Comparision

STI Markets Comparison - Affordability Map

Affordability Market Map

Figure 61: Affordability Market Map