Housing
Vacancy - 10%
The Lexington, KY Market ranks 91st in Vacancy across STI Markets with a Vacancy rate of 10%. That is 63,526 Vacant Housing units compared to 573,028 Occupied units.
Average Home Value - $290,597
The Average Home Value for owner occupied housing units in the Lexington, KY Market is $290,597. This ranks 123rd across STI Markets. Over the last 2 years there has been a change of 16% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 27th 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 Lexington, KY Market is 2.8. The market subsequently ranks 105th 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 3.6. The Lexington, KY Market therefore earns the Accessible classification for housing affordability and ranks 92nd 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
