Home vacancy statistics 2024
The term home vacancy refers to residential housing units that are not occupied. This includes both rental housing units and homeowner housing. The U.S. Census Bureau reported an overall national vacancy rate of 7.4% in the first quarter of 2024. Vacancy rates have remained relatively steady this decade, with a rental vacancy rate below 7% and a homeowner vacancy rate below 1%.
In Q1 2024, the rental vacancy rate was 6.6%, while the homeowner vacancy rate was 0.8%. These numbers were virtually unchanged from the same period in 2023.
Jump to insightThe homeownership rate in the U.S. stood at 65.9% in 2023. The highest homeownership rate this century occurred in 2004, when it was 69%.
Jump to insightStates with the highest rental vacancy rates in 2024 include South Carolina, Indiana and Florida. States with the highest homeowner vacancy rates are Wyoming and Texas.
Jump to insightHomeowner vacancy rates in the U.S. hit their lowest recorded levels in 2022 and 2023, when they fell to 0.8%. The homeowner vacancy rate peaked at 2.8% in 2008.
Jump to insightHome vacancy statistics
The U.S. Census Bureau measures housing vacancies, which include both rental and homeowner vacancy rates. It’s important to note that these vacancy statistics exclude properties that are vacant but not for sale — such units may be occasionally occupied, in the process of foreclosure or being used for storage.
When these other properties are included, the overall vacancy rate of housing in the U.S. is closer to 10%. Put another way, in the second quarter of 2024, approximately 89.6% of housing units in the U.S. were occupied.
What is the average home vacancy rate?
The U.S. Census Bureau measures the national vacancy rate on a quarterly basis. The overall vacancy rate in the first quarter of 2024 was 7.4%, which includes a 6.6% vacancy rate for rental housing and a 0.8% vacancy rate for homeowner housing. Both of these rates have remained virtually unchanged since the start of 2023, during which time the rental vacancy rate was 6.4%, while the homeowner vacancy rate was 0.8%.
Home vacancy rates vary slightly across different regions of the country. Rates are highest in the South: In the first quarter of 2024, the rental vacancy rate was 8.4%, and the homeowner vacancy rate was 1.1%. The Northeast showed the lowest overall vacancy rate, with a rental vacancy rate of 4.4% and a homeowner vacancy rate of 0.7%.
What is the average homeownership rate?
The average homeownership rate measures the percentage of housing that is homeowner-occupied. As of Q1 2024, the average homeownership rate was 65.6%. In the 21st century, the quarterly homeownership rate has ranged from a high of 69.2% during the second and fourth quarters of 2004 to a low of 62.9% in the second quarter of 2016.
What are the most common reasons for home vacancy?
The causes of home vacancies differ between rental properties and owner-occupied properties. Average mortgage rates have climbed significantly since 2020, presenting a challenge for many would-be homebuyers. Finding the best mortgage company can help those buyers navigate current market conditions.
Rental vacancies, on the other hand, have a different set of underlying causes. From rents that are out of step with the local market to less-than-ideal advertising, many of these factors are reversible.
Home vacancy rates by state
As noted above, home vacancy rates in the U.S. vary significantly by region. In the first quarter of 2024, three states had rental vacancy rates above 10%: South Carolina, Indiana and Florida. Two states, Maine and Delaware, had rental vacancy rates below 2.5%.
Connecticut was the state with the lowest homeowner vacancy rate in the first quarter of 2024, at only 0.1%. Rhode Island and Delaware had rates of 0.2%. No state had a homeowner vacancy rate as high as Wyoming’s rate of 1.8%.
Home vacancy rates over time
Homeowner vacancy rates dropped to their lowest levels in recent history in 2022 and 2023. In both years, the U.S. Census Bureau measured the rate at 0.8%. The highest levels of homeowner vacancies came in 2008, when the rate peaked at 2.8%.
FAQ
What percentage of households own their home?
The percentage of households in the U.S. that own their home tallied 65.9% in 2023. This represents a decrease from the peak of 2004, when the homeownership rate was 69%.
What city has the most vacant properties?
In the first quarter of 2024, Tucson, Arizona, had a rental vacancy rate of 15.8%, the highest among the largest 75 metro areas in the U.S. At 7.6%, Cape Coral-Ft. Meyers, Florida, had the highest homeowner vacancy rate for the same period.
What causes a high vacancy rate?
High vacancy rates for areas with low housing prices may be caused by a lack of demand. High vacancy rates in areas with higher prices are more likely to indicate an area where housing stock is being used as secondary or vacation homes.
References
- “Home Vacancy Rate for the United States.” Federal Reserve Bank of St. Louis. Evaluated July 21, 2024.Link Here
- “Homeownership Rate for the United States.” Federal Reserve Bank of St. Louis. Evaluated July 21, 2024.Link Here
- “Housing Vacancies and Homeownership. Table 2 - Vacancy Rates by Area.” U.S. Census Bureau. Evaluated July 21, 2024.Link Here
- “Housing Vacancies and Homeownership. Table 2 - Homeowner Vacancy Rates by State: 2005 - present.” U.S. Census Bureau. Evaluated July 21, 2024.Link Here
- “Housing Vacancies and Homeownership. Table 1 - Rental Vacancy Rates by State: 2005 - present.” U.S. Census Bureau. Evaluated July 21, 2024.Link Here
- “30-year Fixed Rate Mortgage Average in the United States.” Federal Reserve Bank of St. Louis. Evaluated July 21, 2024.Link Here
- “6 Reasons Why You Still Have Vacancies.” American Apartment Owners Association. Evaluated July 21, 2024.Link Here
- “Quarterly Residential Vacancies and Homeownership, First Quarter 2024.” U.S. Census Bureau. Evaluated July 21, 2024.Link Here
- “Housing Vacancies and Homeownership. Rental Vacancy Rates for the 75 Largest Metropolitan Statistical Areas: 2015 to Present - Table 4.” U.S. Census Bureau. Evaluated July 21, 2024.Link Here
- “Housing Vacancies and Homeownership. Homeowner Vacancy Rates for the 75 Largest Metropolitan Statistical Areas: 2015 to Present. U.S - Table 5.” U.S. Census Bureau. Evaluated July 21, 2024.Link Here
- Kolomatsky, M. “Vacant Homes Everywhere.” New York Times. Evaluated July 21, 2024.Link Here
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