10/28/2024
A new study from LendingTree shows that 5.6 million homes across the 50 largest U.S. metros are vacant. In fact, 7.37% of homes in these cities are currently unoccupied. But before we assume there’s an oversupply of housing, experts explain that many of these vacant homes are empty for specific reasons, such as being available for rent, used as seasonal or vacation homes, or kept for personal reasons.
Despite these vacancies, the housing supply remains tight. Homeowner vacancy rates are just 0.9%, while rental vacancies sit at 6.6%, both near historic lows. And for-sale inventory is still 20% lower than it was before the pandemic, which is keeping home prices high.
🏘️ Learn more about what’s really driving the housing market and why prices aren’t dropping: https://rltor.cm/uo47va
