Housing
Vacancy - 18.7%
The Asheville, NC Market ranks 9th in Vacancy across STI Markets with a Vacancy rate of 18.7%. That is 82,730 Vacant Housing units compared to 360,795 Occupied units.
Average Home Value - $462,755
The Average Home Value for owner occupied housing units in the Asheville, NC Market is $462,755. This ranks 53rd across STI Markets. Over the last 2 years there has been a change of 14.1% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 56th across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - Moderate
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the Asheville, NC Market is 3.3. The market subsequently ranks 48th across STI Markets. This is considered to be a Moderate 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 5.2. The Asheville, NC Market therefore earns the Costly classification for housing affordability and ranks 26th 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
