Housing
Vacancy - 11.6%
The Allentown-Reading-Scranton, PA Market ranks 70th in Vacancy across STI Markets with a Vacancy rate of 11.6%. That is 119,338 Vacant Housing units compared to 911,787 Occupied units.
Average Home Value - $347,207
The Average Home Value for owner occupied housing units in the Allentown-Reading-Scranton, PA Market is $347,207. This ranks 81st across STI Markets. Over the last 2 years there has been a change of 17.6% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 15th 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 Allentown-Reading-Scranton, PA Market is 2.8. The market subsequently ranks 99th 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 Allentown-Reading-Scranton, PA Market therefore earns the Accessible classification for housing affordability and ranks 90th 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
