Housing
Vacancy - 10.9%
The New Orleans-Houma, LA Market ranks 80th in Vacancy across STI Markets with a Vacancy rate of 10.9%. That is 83,787 Vacant Housing units compared to 686,223 Occupied units.
Average Home Value - $316,078
The Average Home Value for owner occupied housing units in the New Orleans-Houma, LA Market is $316,078. This ranks 105th across STI Markets. Over the last 2 years there has been a change of 0.5% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 164th 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 New Orleans-Houma, LA Market is 3. The market subsequently ranks 70th across STI Markets. This is considered to be a Moderate 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 3.5. The New Orleans-Houma, LA Market therefore earns the Accessible classification for housing affordability and ranks 107th 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
