Housing
Vacancy - 5.1%
The Newark, NJ Market ranks 165th in Vacancy across STI Markets with a Vacancy rate of 5.1%. That is 115,090 Vacant Housing units compared to 2,128,491 Occupied units.
Average Home Value - $743,285
The Average Home Value for owner occupied housing units in the Newark, NJ Market is $743,285. This ranks 10th across STI Markets. Over the last 2 years there has been a change of 17.1% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 17th 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 Newark, NJ Market is 3.4. The market subsequently ranks 42nd 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. The Newark, NJ Market therefore earns the Costly classification for housing affordability and ranks 34th 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
