Currently, there are about 16M homes sitting vacant across the country, according to LendingTree.
Factors Driving Vacancy Rates as Important as Vacancy Rates Themselves
As we all know, things aren’t always as they seem.
A house doesn’t have to be dilapidated to be considered vacant. A house can be unoccupied because it is a seasonal rental or on market to be sold or rented. Or, house can be unoccupied because it is waiting to be renovated…and that wait can be a long one due to labor and material/supply shortages.
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Nationally, the average vacancy rate is 6.8%.
New Study Indicates to States with Top Vacancy Rates
LendingTree’s newly released study put together a ranking of the states with the top vacancy rates according to the 2020 census. This study emphasizes the point that reality is often different than appearances.
Vermont – 17% of Vermont’s housing is seasonal – the second highest in the country
Total housing units: 341,405
Vacant housing units: 78,052
Vacancy rate: 22.86%
Median home value: $67.428
Maine – 1 in 5 houses in Maine classified as vacation homes
Total housing units: 755,380
Vacant housing units: 171,323
Vacancy rate: 22.68%
Median home value: $58,782
Alaska – state’s population declining for 5 consecutive years
Total housing units: 321,285
Vacant housing units: 65,929
Vacancy rate: 20.51%
Median home value: $80,197
West Virginia – state’s population down -3.3% in past decade with the capital city of Charleston’s population falling -5%
Total housing units: 896,570
Vacant housing units: 162,490
Vacancy rate – 18.2%
Median home value: $49,400
Alabama – one of poorest states in nation with one of the highest rates of empty and abandoned housing; also has significant share of seasonal housing in coastal areas where the vacancy rates run at 30%
Total housing units: 2,302,582
Vacant housing units: 407,252
Vacancy rate: 17.69%
Median home value: $53,956
Florida – state is hot vacation destination and has hot housing market
Total housing units: 9,814,540
Vacant housing units: 1,680,844
Vacancy rate: 17.13%
Median home value: $61,736
New Hampshire – accelerating home prices causing some owners to sell and cash in on equity
Total housing units: 646,849
Vacant housing units: 108,297
Vacancy rate: 16.74%
Median home value: $80,972
Mississippi – much of state’s city housing is student housing that sits vacant for some months of the year
Total housing units: 1,345,251
Vacant housing units: 218,777
Vacancy rate: 16.26%
Median home value: $47,247
Louisiana – thousands of homes remain abandoned and/or blighted by Hurricane Katrina in 2005
Total housing units: 2,103,943
Vacant housing units: 341,074
Vacancy rate: 16.21%
Median home value: $51,730
Wyoming – many homeowners cashing in due to relocating buyers searching for lower living costs and natural beauty; state is popular tourist destination with many vacation rentals
Total housing units: 281,946
Vacant housing units: 44,767
Vacancy rate: 15.88%
Median home value: $66,432
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Thanks to LendingTree.
