Table of Content
- Homelessness & Empty Homes - Trends & COVID-19 Impact
- FACT CHECK: Are There More Than 633,000 Homeless People And 13.9 Million Vacant Homes In The US?
- Data
- There Are Over 17 Million Vacant Homes in America
- Vacancy Differs for Metro Areas Across the Country
- - States with lowest number of homeless people:
- Final Thoughts: Housing in the US
All this, while the number of empty properties around the country has increased by over 1.1 million since 2010, leaving over 12% of all housing units in the US vacant as of the latest figures in 2018. Growth in the number of housing units has been leveling off over time as has the number of households. However, the most significant change which has occurred pertains to the type of housing occupancy, either owner occupied or renter occupied. In the years after the financial crisis, the number of owner-occupied units stalled, while the number of renter-occupied units was on the rise. In the recent years, this trend has reversed, showing that home ownership is still integral to the American Dream. Some government programs have been instituted to utilize vacant properties to help house homeless people.
Increasingly, however, they are looking toward “rightsizing” or “smart decline” as a way to adjust city services and housing stock to suit smaller populations. Youngstown, Ohio and Flint, Michigan are two cities in which planners have explicitly acknowledged the need to adjust to declining populations. Studies attempting to quantify the effect of foreclosures on surrounding property values find that foreclosures depressed the sales prices of nearby homes by as little as 0.9 percent to as much as 8.7 percent. There are 16 million empty homes across the United States, according to a LendingTree study published this month. A high vacancy rate does not necessarily signify a lack of demand and low prices, the analysis explained.
Homelessness & Empty Homes - Trends & COVID-19 Impact
The unemployment rate here is lower than the national average, however, the region has seen a decrease in the job market over the last year. Known for Park City Mountain Resort and site of the 2002 Winter Olympics, as well the Sundance Film Festival, it attracts upwards of 600,000 visitors each year. The vacancies here are predominately seasonal residences, accounting for more than half of the city’s total housing. Park City maintains a strong and growing economy, with an unemployment rate of 2.7% and a slight job market increase of 0.4% in the last year. Big Bear City sits on the shores of Big Bear Lake, approximately 45 miles from San Bernardino. There are over 7,500 vacant homes here, but more than 7,000 of those are vacation homes for recreational use.
Despite the continued shutdowns and job loss brought by COVID-19, one segment of the economy that flourished in 2020 was real estate. With interest rates near all-time lows and homes appreciating at a rapid pace, houses sold faster than ever last year and the trend looks to continue in 2021. When an owner stops paying property taxes, local governments initiate a tax-foreclosure process by placing a tax lien on the property. The lien is intended both to recover taxes owed and to prompt the owner to take responsibility for the property.
FACT CHECK: Are There More Than 633,000 Homeless People And 13.9 Million Vacant Homes In The US?
This was an increase over one million from 2020 when the total housing stock amounted to 140.8 million units. The Census Bureau tracks the number of vacant homes in the U.S. on a quarterly basis and, as of October 2019, the number stands at about 17 million. The last time the number of vacant homes was 13.9 million was in 2001, according to the Federal Reserve of St. Louis. “Over 633k homeless in US, over 13.9 million vacant homes, 22 homes available per person, capitalism must end,” reads the caption. It cites the National Alliance to End Homelessness as the source of its figures.
The unemployment rate here is fairly high, coming in at 5.2% as opposed to the national average of 3.7%. Homes here have continued to appreciate, however, with single-family listing prices going up by more than 25% in the last year. A resort town on the Gulf of Mexico, Gulf Shores relies heavily on tourism, with more than 5 million visitors descending on the town in any given year pre-COVID. Right now, of the more than 13,000 housing units in Gulf Shores, more than 7,000 sit vacant, with just over 4,600 of those being vacant rental properties. Housing inventory in the region has increased exponentially in the last year, with an increase in housing prices as well. A small island on Florida’s gulf coast, Marco Island has a total of just over 18,000 housing units, of which more than 10,000 are vacant.
Data
Neighborhood marketing and commercial revitalization strategies can help these neighborhoods retain and attract residents by stimulating the demand necessary to reoccupy vacant homes. For example, beach towns or ski resorts, such as Ocean City, NJ, Kill Devil Hills, NC, and Breckenridge, CO, have many housing units that are seasonal or vacation rentals. It is not surprising then to see these vacation destinations on the list of CBSAs with the highest vacancy rates, some over 50% . This Sanibel Island getaway is located in southwest Florida and is famous for its miles of shell-filled beaches.
As with many resort towns, a good portion of vacancies come from vacation homes that are only used periodically. The Longboat Key housing market has become tight for buyers in the last year, with listings going up in price by 25% and inventory on single-family homes reduced by more than 60%. Carolina Beach sits along the Cape Fear River, and is a popular East Coast vacation spot.
Part of the Florida Keys, Islamorada, Village of Islands, is a community made up of four islands, encompassing 3,900 acres. Tourism is a big part of the economy, and many of the vacant homes are geared toward seasonal or occasional use. Affordable housing is at a premium here, as home prices increased in 2020 while the number of properties for sale went down. To help offset this, the city offers down payment assistance for home purchases to qualifying individuals.
According to new research from 24/7 Wall St., that's where a "large number" of vacant properties in the U.S. can be found. The vacancy rate in the country is at a low point right now — a reported 1.4 percent, but some areas are still plagued by unoccupied single-family homes. Meanwhile, vacancy rates for rental housing are at 7 percent for the first quarter of 2019, data from the U.S. Maryland’s Ocean City is a popular resort destination that attracts roughly 8 million visitors per year. Of the town’s more than 26,000 vacant housing units, upwards of 25,000 are vacation homes that are only occupied part-time.
That might seem like an abnormally large number, but it’s a number that’s actually been on a steady decline in 2009. Whether you’re shopping for a new home or you simply want to know why there are so many empty homes in your neighborhood, we’re here to answer the question. That’s why we came up with this comprehensive guide to give you the most up-to-date information about vacant homes in the United States. New York and Florida are the states with the highest number of vacant homes, according to a new Attom Data Solutions study released today. Also part of Cape May County, the town of Avalon is on Seven Mile Island, a barrier island on the Jersey Shore. In April 2020, the Jersey Shore banned all short-term vacation rentals in the region, as well as closing hotels and motels, in an effort to curb the spread of COVID-19.
In addition, the nation's homeownership rate declined to 67.1%, its lowest level since Q1 2000, as shown by these graphs on Calculated Risk. Most states and many metro areas saw their vacancy rates decrease between 2010 and 2020. While there were increases, many of these states had vacancy rates in 2020 that were close to their 2000 and 2010 rates, indicating that their vacancy rates remained relatively stable. Even in Alaska and North Dakota, the states with two of the largest increases, increases were much smaller than the sizeable vacancy rate decreases Nevada, Arizona and Florida experienced. They are also classified as vacant if they are temporarily occupied entirely by individuals who have a usual residence elsewhere at the time of enumeration such as beach houses rented to vacationers who have a usual residence elsewhere. The number is staggering, and it approaches the number of people who live in the New York City metro area, which includes the nearby cities in New York, New Jersey and Connecticut.
Overall, fewer homes are being left vacant or otherwise abandoned than in prior years. Some 304,000 homes are currently in the process of being foreclosed, or seized by the government due to the owner’s inability to make mortgage payments. This is a 22 percent drop since 2016, when Attom last released a foreclosure vacancy report. The town of Emerald Isle is on North Carolina’s Bogue Banks Island, part of the Crystal Coast.
An area could have both high vacancy rates and high home prices, meaning that it might be a popular location for vacations and secondary homes. But high vacancy rates and cheap homes might indicate that an area is suffering from economic hardship. Finally, Michigan had the fifth-greatest number of vacant homes with 631,361 empty units. As the nation recovered from the Great Recession and the housing crisis, housing vacancy rates declined from the highs recorded in the 2010 Census. These fluctuations reflect the timing and consequences of the housing crisis and Great Recession of the late 2000s. For many areas of the country, the economic downturn led to sharp vacancy rate increases between the 2000 Census and 2010 Census, followed by decreases between 2010 and 2020 as housing markets recovered.
Due to lack of available rental housing, the Mammoth Lakes Housing Program recently reached out to homeowners who have vacant homes in the area, asking them to consider renting out their homes to local workers. A popular vacation spot, the economy here is generally healthy, with a low unemployment rate of 3.4%, and most of the vacant homes are seasonal vacation homes. Houses have gone up in value by more than 46% in the last 10 years, with appreciation up by 4% in 2020. Sunset Beach is part of North Carolina’s Myrtle Beach region, a popular vacation destination that boasts white sandy beaches and recreational activities.
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