LendingTree: 5.6 Million Homes Vacant in Largest U.S. Metro Areas

(Image courtesy of LendingTree; Breakout image courtesy of Ivan Samkov/pexels.com)

LendingTree, Charlotte, N.C., reported that 5.6 million housing units are vacant in the largest 50 metro areas in the U.S.–and ranked which ones top that list.

Overall, the 50 metro areas have a vacancy rate of 7.37%–up from 7.22% in 2022.

But, it’s important to note that a large chunk–a little over a quarter at 27.9%–sit vacant because they’re up for rent. And, another 20.73% are empty because they serve seasonal or recreational uses.

The city with the largest vacancy rate is New Orleans, which stands at 14.5%. However, the most common reason for the vacancy–at 23.49%–is that they’re waiting to be rented.

The metro with the second highest rate is Miami, with a vacancy rate of 12.92%. The most common reason in this city–at 50.44%–is that the housing unit is used for seasonal, recreational or occasional use.

At No. 3 is Tampa, Fla., with a vacancy rate of 11.81%, and 45.18% of those vacancies used for seasonal, recreational or occasional use.

The metro areas with the lowest vacancy rates are topped by Portland, Ore., with a vacancy rate of 4.54%, largely due to units up for rent.

Minneapolis is No. 2, with a rate of 4.66%–33.91% of those are up for rent.

And, No. 3 is Washington, D.C., with a vacancy rate of 4.85%, and 32.79% of those up for rent.

LendingWire analyzed U.S. Census Bureau data in the 2023 American Community Survey to reach its rankings.