Study Reveals 5.6 Million Vacant Homes in U.S.
Mike Colagrossi
Rising home prices in the U.S. are often attributed to a significant housing shortage.
A new LendingTree study reveals a surprising twist in the housing market saga: there are 5.6 million vacant homes in the U.S. right now. The study ranked the 50 largest metros by vacancy rates, showing that an average of 7.37% of homes are sitting empty.
Nearly half of all vacant units in the nation’s 50 largest metros sit empty because they’re waiting to be rented or they’re only used part of the year.
According to LendingTree, high vacancy rates paired with high home prices may indicate that an area has appealing qualities, such as being a popular vacation destination or attracting investors. Conversely, high vacancy rates with low home prices could signal socio economic challenges in the region.
- The top three metros with the highest vacant housing units and vacancy rates were New Orleans with 67,704 units (14.50%), Miami with 348,710 units (12.92%), and Tampa with 181,929 units (11.81%)
- Vacancy rates are lowest in Portland, Ore. (4.54%), Minneapolis (4.66%) and Washington, D.C. (4.85%).
Rental vacancy rates have increased slightly in recent years, while homeowner vacancy has risen by just 0.2 percentage points from its recent low. For-sale inventory remains more than 20% below pre-pandemic levels, leaving fewer unoccupied homes on the market. This limited supply has kept home prices elevated despite a decline in buyer demand.