Housing
Vacancy - 10.7%
The Topeka, KS Market ranks 82nd in Vacancy across STI Markets with a Vacancy rate of 10.7%. That is 22,430 Vacant Housing units compared to 187,939 Occupied units.
Average Home Value - $260,438
The Average Home Value for owner occupied housing units in the Topeka, KS Market is $260,438. This ranks 134th across STI Markets. Over the last 2 years there has been a change of 13.5% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 67th 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 Topeka, KS Market is 2.4. The market subsequently ranks 151st across STI Markets. This is considered to be a Low level of mortgage risk.
Affordability Level - Accessible
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 3.1. The Topeka, KS Market therefore earns the Accessible classification for housing affordability and ranks 141st 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
