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Spencer Hayes' Blog

By Spencer Hayes | Agent in 36117

The 6 'Emptiest' Housing Markets

Empty homes still plague a lot of cities across the country. In fact, since 2000, vacant properties have risen by about 43 percent nationwide, according to Census Bureau data. (Homes are defined as vacant by “unoccupied rental inventory” or homes unoccupied that are for-sale.) 

Vacant properties can affect home values nearby. For example, a study earlier this year found that a vacant home has the potential to decrease the value of nearby homes by at least 1.3 percent, according to the Cleveland Federal Reserve. In higher income neighborhoods, the impact can be even more drastic—possibly lowering nearby home prices by 4.6 percent. 

The following are the six cities with the largest home owner and rental vacancies based on the last 12 months: 

1. Orlando, Fla.
Home owner vacancy rate: 2.2%
Rental vacancy rate: 18.8% 

2. Dayton, Ohio
Home owner vacancy rate: 5.4%
Rental vacancy rate: 11.3%

3. Memphis, Tenn.
Home owner vacancy rate: 3.1%
Rental vacancy rate: 15%

4. Detroit
Home owner vacancy rate: 1.7%
Rental vacancy rate: 16.9%

5. Richmond, Va.
Home owner vacancy rate: 2.4%
Rental vacancy rate: 15.1%

6. Las Vegas
Home owner vacancy rate: 3.9%
Rental vacancy rate: 11.9% 

See what other cities made the “emptiest” list at CNBC.com. 

Source: “Anybody Home? These Are America’s Emptiest Cities,” CNBC.com (Aug. 2, 2012)

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