WA Coast Economist

Housing Affordability

An important indicator of economic hardship is whether housing is affordable. These measures indicate housing affordability in terms of the share of household income that is devoted to mortgage and related costs for homeowners and rent and related costs for renters. The income share devoted to housing that is below 15 percent is a good proxy for highly affordable, while the income share devoted to housing that is above 30 percent is a good proxy for unaffordable.

Vacancy

Vacancy status is an indicator of the housing market and provides information on the stability and quality of housing in certain areas. The data is used to assess the demand for housing, identify housing turnover within areas, and better understand the population within the housing market over time. These data also aid in the development of housing programs to meet the needs of people and different economic levels.

Questions to ask of the data…

Is there a significant portion of the population paying more than 30% for their mortgage or rent costs? How can housing be made more affordable in your region?
Are there areas that have higher levels of vacancy levels? If so, what type of vacancy? What types of problems do these vacancies cause for your community?
Are there some portions of the community that have a higher percentage of renters?

Page updated

Report abuse