With the current housing market climate – inventory issues, rising mortgage rates and stagnating construction numbers – the housing market is still hot. Despite these conditions, a new report shows that more than 16 million homes across the United States are vacant.
To get a sense of vacancy rates in the United States, LendingTree analyzed the latest housing data to rank the nation’s 50 states based on their share of unoccupied homes. Here’s what the report found:
- Vermont, Maine and Alaska are the states with the highest vacancy rates. The vacancy rates in these states are 22.86%, 22.68% and 20.51% respectively. In total, that translates to more than 315,000 unoccupied homes across the three states.
- Oregon, Washington and Connecticut are the states with the lowest vacancy rates. Oregon has the lowest vacancy rate at 7.76%, followed by Washington at 7.87% and Connecticut at 8.09%. Although these states have the lowest vacancy rates, that doesn’t mean they have the fewest vacancies. With nearly 521,000 unoccupied homes in the three states, there are nearly 206,000 more vacant homes in Oregon, Washington and Connecticut than in Vermont, Maine and Alaska.
- Home prices in states with higher vacancy rates are often, but not always, lower than those in states with lower vacancy rates. Median home prices in the 10 states with the highest vacancy rates are on average about $18,000 lower than those in the 10 states with the lowest vacancy rates.
“Homes can be vacant for a variety of reasons, and just because an area has a high vacancy rate doesn’t necessarily mean there’s something wrong with its housing market,” said Jacob Channel, senior economic analyst at LendingTree and author of the report. “Instead, it could mean the area is rapidly building new homes for sale to meet high buyer demand, it could also mean that an area is a popular location for second or vacation homes that sit unused. most of the year.”
To view the full report, go to https://www.lendingtree.com/home/mortgage/vacancy-rates-study/.