The Florida housing market is red-hot right now. Yet, there are currently 1.6 million vacant homes in the state at the moment. Across the entire U.S., there are over 16 million homes that are vacant.
A recent report form Lending Tree analyzed the latest U.S. Census Bureau data and ranked the nation’s 50 states according to unoccupied homes. Florida ranked sixth with the highest vacancy rate, but first in the largest number of empty homes. Though areas with higher vacancy rates are often less expensive, that isn’t always the case. In fact, there are some notable instances where a state’s median home price and its vacancy rate can both be relatively steep.
Related story: Transportation tax ordinance potentially on ballots in November
According to the data, out of Florida’s 9,814,540 total housing units, 1,680,844 are vacant – resulting in a 17.13% vacancy rate. The study also details that in Florida the median home value is $261,500. Vermont, Maine and Alaska are the states with the highest vacancy rates while Oregon, Washington and Connecticut are the states with the lowest vacancy rates.
So, if everyone is moving to Florida, why are there so many vacancies? According to the study, high vacancy rates and high home prices can suggest that an area has unique characteristics, such as being a vacation hot spot or targeted by investors.
