10 Metros With the Most Vacant Homes
Though the number of vacant properties decreased 3 percent in the last quarter and 9 percent from a year ago, there are still nearly 1.4 million homes in this country standing empty, according to the Q3 2016 U.S. Residential Property Vacancy and Zombie Foreclosure Report released by ATTOM Data Solutions. The properties, defined as residential buildings of one to four units, made up 1.6 percent of the total market.
The majority of these vacant properties (1.1 million or 76 percent of the total) are investment or vacation homes. About 4.3 percent of all investment properties were vacant during the third quarter, according to the report. The states with the highest vacancies among investment property were Michigan (10.3%), Indiana (9.8%), Alabama (6.9%), Mississippi (6.6 percent), and Kansas (6.5%).
Here are the U.S. cities with the highest percentage of vacancies overall:
- Flint, Mich.: 7.1% vacancy rate
- Youngstown-Warren-Boardman, Ohio-Pa.: 4.6%
- Detroit-Warren-Dearborn, Mich.: 4.2%
- Beaumont-Port Arthur, Texas: 3.9%
- Mobile, Ala.: 3.7%
- Port St. Lucie, Fla.: 3.5%
- Atlantic City-Hammonton, N.J.: 3.5%
- Montgomery, Ala.: 3.4%
- Toledo, Ohio: 3.3%
- Birmingham-Hoover, Ala.: 3.2%
On the other hand, the following cities have the fewest number of vacancies:
- San Jose-Sunnyvale-Santa Clara, Calif.: 0.2%
- Fort Collins, Colo.: 0.2%
- Lancaster, Pa.: 0.3%
- San Francisco-Oakland-Hayward, Calif.: 0.3%
- Manchester-Nashua, N.H.: 0.3%
- Provo-Orem, Utah: 0.4%
- Oxnard-Thousand Oaks-Ventura, Calif.: 0.4%
- Vallejo-Fairfield, Calif.: 0.4%
- Fayetteville-Springdale-Rogers, Ark.-Mo.: 0.4%
- Los Angeles-Long Beach-Anaheim, Calif.: 0.4%
Source: RealtyTrac
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