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Job growth stalled in the past year and is predicted to trail the national average over the coming decade. The housing market in St. Louis is still recovering from the recession of more than a decade ago. There is high demand but a shortage of affordable housing, and the city’s population is shrinking.
The number of vacant homes in Athens, Texas, has been almost continually climbing in recent years, moving from 9.5% in 2014 to 15% in 2019, according to the U.S Census Bureau. Poverty is almost definitely a contributing factor—more than 30% or area residents have incomes under the poverty line, leaving them in a challenging situation to afford available housing. Long a destination for retirees and others seeking cheap housing, much of Arizona is now experiencing rapid population growth and a housing boom. Many of the houses being built, however, are beyond the financial reach of many residents who have always been there—in Yuma, Arizona, and beyond. Although new homes are being built, the price of existing homes in some places is rising so quickly that they’re sitting empty because of a lack of qualified buyers. Indiana, Pennsylvania, is just one metro area in the state that is experiencing a consistent population decline.
Housing Vacancy and Recovery
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Among rentals, the recent occupancy rate in the summer of 2019 was at its highest point since 2000, and it has been rising for several consecutive months. Vacant housing is everywhere and while it might be an eyesore, a crime scene, or a sad reminder of loss, vacancy rates can be important to home buyers and owners, investors, banks, and communities. A vacant house might be a boarded-up city row house, a collapsed farmhouse, or an empty vacation cottage in the woods. Local governments bear the cost of maintaining, administering, and demolishing vacant and abandoned properties as well as servicing them with police and fire protection and public infrastructure. One study calculated that the city of Philadelphia spends more than $20 million annually to maintain some 40,000 vacant properties, which cost a conservatively estimated $5 million per year in lost tax revenue to the city and school district. Vacant and abandoned properties have negative spillover effects that impact neighboring properties and, when concentrated, entire communities and even cities.
Natural gas industry in the U.S.
Residential stabilization and revitalization would be aided and complemented by commercial revitalization in areas with markets strong enough to support it. Vibrant residential neighborhoods can better support neighborhood retail, and abundant retail options, in turn, will help attract and retain residents. “Rebuilding neighborhood retail should be planned comprehensively as an integral piece of the larger community that surrounds it, and it should be tailored to the realities of the area,” write Beyard, Pawlukiewicz, and Bond. Green Corps, Pittsburgh nonprofit GTECH Strategies engaged local youth to green this vacant lot in the Homewood neighborhood.
Anchored by the city of Louisville, Jefferson County is located along the Ohio River at the Indiana border. Boosting its real estate market are a low cost of living and predictions for strong job growth. Baldwin County, Ala., is located on the shores of the Gulf of Mexico and Mobile Bay, and most of it is rural and unincorporated. Its beaches are a tourist destination, but the region has been badly damaged by powerful hurricanes. More than a quarter of its homes are unoccupied, but housing sales have ticked up recently, and rental housing is plentiful as well.
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Each one of these four states accounted with less than seven thousand abandoned oil and gas wells. The White House reports that as of 2019, over half a million Americans don’t have a home to sleep in on any given night, while almost 17 million potential homes were standing empty. If the overall numbers of homeless citizens weren’t shocking enough, between 2017 and 2019, there was an increase of over 34,000 unsheltered homeless people nationally - even before a global pandemic and expected recession. Kenosha County, Wisc., considered part of the Chicago metropolitan area, is one of the top 10 fastest-growing counties in the United States.
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Studies attempting to quantify the effect of foreclosures on surrounding property values find that foreclosures depressed the sales prices of nearby homes by as little as 0.9 percent to as much as 8.7 percent. Conversely, the lowest vacancy rates among the 30 largest CBSAs appeared in Minneapolis (4.6%), Los Angeles (4.8%), Seattle (5.2%) and Portland (5.2%). Among the 30 largest CBSAs, only four had vacancy rates above the national rate of 9.7%. For the most part, the largest metropolitan areas had lower vacancy rates than the nation as a whole . While there were increases, many of these states had vacancy rates in 2020 that were close to their 2000 and 2010 rates, indicating that their vacancy rates remained relatively stable. Even in Alaska and North Dakota, the states with two of the largest increases, increases were much smaller than the sizeable vacancy rate decreases Nevada, Arizona and Florida experienced.
Lewinski said she expects that ongoing health and safety issues for residents will increase the number of empty homes. “The water crisis did not cause the high vacancy rate in Flint, but it will certainly exacerbate it,” Blomquist said. Some parts of the house have been hit harder by the march of time than others. You can see by the deterioration of the interior that is has been abandoned for many years, and exposed to the elements over time.
The local housing market outperformed the rest of the state in recent years, and real estate in the city of Manhattan is some of the most expensive in Kansas. Sussex County is largely rural, with Atlantic Ocean beaches popular among summer tourists. Some seasonal visitors buy vacation homes that sit vacant for much of the year. More broadly, with a third of its homes unoccupied, Sussex County is seeing increasing housing costs and a lack of affordable rental units. Pueblo County has long been considered an affordable alternative to the pricey Denver area, but with its explosive growth in recent years, the cost of living is on the rise. An increase in population has driven up demand for goods and services, leading to higher prices.
Many Naples residents leave during hurricane season and warm summer months, accounting for the vast majority of temporarily unoccupied homes. Show Low, Arizona, is largely a seasonal community, with a population that grows by more than 14 times during peak tourist season. Like the rest of the state, Show Low is facing a shortage of available affordable housing, but grants like Home Matters to Arizona are working to offset this deficit in places like Navajo County, where Show Low is located. Few places in the country were hit harder by the 2008 housing crash than the posh vacation communities near Punta Gorda, Florida, with homes in resort areas losing as much as 50% of their value. Today, money is flowing back into those resort areas, as well as into the Punta Gorda metro—but perhaps that money has flowed back in too quickly for the affordable housing index to keep up.
In the 10 years that elapsed between the start of the recession in 2007 and the publishing of that report, the percentage of “burdened” renters—those spending more than 30% of their income on housing—jumped from 40% to 57%. Salisbury is one town that could benefit from the shift to remote work as broadband becomes more reliable and affordable, attracting residents to live in now-vacant homes. As with so many places on this list and throughout the country, Truckee, California, is in a state of flux. Dotted with new residential construction projects, a region that once had a small town feel is becoming increasingly expensive—often too expensive.
The Klamath Basin has not had any new market-rate, multi-family apartment or housing built in decades. Clark County at the southern tip of Nevada is home to the gaming mecca Las Vegas. After a hot 2018, the real estate market has cooled slightly to a more balanced pace.
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