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Economic Vitality

Economic Vitality measures the quantity and quality of jobs within a region, the relative incomes that its residents earn, the wealth they attain, and economic opportunities for its entrepreneurs.

Best Practices & Deeper Dives

How to Read the Tiles How to Read the Tiles

Housing Prices

Rising home values increase prosperity for many citizens, and home equity is one of the primary drivers of household net worth, another important driver of regional prosperity. However, when prices accelerate too quickly, as demonstrated over the COVID-19 pandemic, and wages do not keep pace, rising home values can contribute to major concerns about affordability.

Existing Home Sales Price Growth Rate


The growth in median home prices decreased in value from 26% last year to –3.46% in 2024. Given the pressures of high interest rates, this was an anticipated correction, but housing prices remain elevated compared to pre-pandemic levels. The housing crisis continues, as local wages have not kept pace with rising housing costs.


  • Reflects a positive consumer sentiment and a perceived increased value of the market. 
  • May indicate increasing demand, a sign of economic and population growth. 
  • This may also mean a decreased supply, which can increase prices due to competition.
  • Drastic changes may lead to affordability concerns.


  • Negative consumer sentiment.
  • Perception of a decreased value of the market.
  • Decreased demand, which could be linked to population migration out of the region.
  • This can also increase the supply of housing on the market, reducing prices.


  • In-migration
  • Supply and Demand
  • Availability of Land
  • New Construction 
  • Multi-Family Units
  • Supply Chain 
  • Interest Rates