Housing
Vacancy - 7.9%
The Providence, RI Market ranks 139th in Vacancy across STI Markets with a Vacancy rate of 7.9%. That is 58,001 Vacant Housing units compared to 680,158 Occupied units.
Average Home Value - $592,154
The Average Home Value for owner occupied housing units in the Providence, RI Market is $592,154. This ranks 23rd across STI Markets. Over the last 2 years there has been a change of 15.5% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 34th across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - High
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the Providence, RI Market is 3.7. The market subsequently ranks 27th across STI Markets. This is considered to be a High 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 5.4. The Providence, RI Market therefore earns the Costly classification for housing affordability and ranks 21st 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
