FACT CHECK: Are There More Than 633,000 Homeless People And 13 9 Million Vacant Homes In The US?
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An empty home is what the government refers to as a ‘vacant housing unit’, which, for whatever reason, is not occupied by a citizen. This can include vacation homes but also properties which have sold but are not occupied. This is according to the United States Census Bureau, where all property data for this analysis was collected. You can see all exceptions and inclusions to property types in the official government definition. For this reason, a high vacancy rate does not necessarily signify a lack of demand and low prices, the LendingTree analysis explained.
In addition, a vacant unit may be one which is entirely occupied by persons who have a usual residence elsewhere. New units not yet occupied are classified as vacant housing units if construction has reached a point where all exterior windows and doors are installed and final usable floors are in place. Vacant units are excluded if they are exposed to the elements, that is, if the roof, walls, windows, or doors no longer protect the interior from the elements, or if there is positive evidence that the unit is to be demolished or is condemned. Also excluded are quarters being used entirely for nonresidential purposes, such as a store or an office, or quarters used for the storage of business supplies or inventory, machinery, or agricultural products. Vacant sleeping rooms in lodging houses, transient accommodations, barracks, and other quarters not defined as housing units are not included in the statistics. States with the highest vacancy rates in 2020 were Maine (21.2%), Vermont (18.7%), and Alaska (17.5%) .
#14. North Myrtle Beach, SC
Often, it’s time between sales or moving in, which means that they’re not new homes hitting the market. That means currently, in the United States, there are roughly 5 million abandoned homes that need repairs. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Any references to other sources or sites, is delivered “as is” and Sundae makes no representation or endorsement of any kind with respect to the accuracy of such information or its suitability for any particular use. Please seek the advice of an attorney, tax professional and/or financial advisor for guidance to properly evaluate particular investments and/or strategies.
There are just over 5,600 housing units here, a mix of condos, apartments, and single-family homes, of which more than 4,000 are vacant. Most of those vacancies are seasonal vacation homes, and the housing market is fairly fast-moving, with inventory down by more than 50% and listing prices up in the last year. Part of the “Grand Strand” of beaches, North Myrtle Beach is a resort town that attracts millions of tourists every year.
Statistics on Rental market in the United States
Many of the vacant housing units on the market are homes that have been foreclosed and are now owned by banks, according to Business Insider. One staggering statistic that might not jive with the overall home shortage in the United States is the number of vacant homes. According to the most recent statistics pushed out by the United States Census Bureau, there are currently 15 million vacant homes in the United States. In the past year, the housing inventory has risen by 1.14 million to 130.9 million, while occupied homes have increased by 1.07 million to 111.9 million, according to the Census Bureau's report.
There are minimal homes for sale here, with inventory showing depletion of more than 60% and median listing prices rising by more than 20%. Located approximately 12 miles from Lake Tahoe, the small town of Truckee has a number of vacant homes, but most of those are owned by people who use them seasonally or recreationally. Like much of the Lake Tahoe area, Truckee’s housing market has been impacted by an influx of urbanites looking to escape the confines of bigger cities like San Francisco or Los Angeles. Inventory is down by more than 70% from last year, and homes are selling within days as opposed to months.
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That might seem like an abnormally large number, but it’s a number that’s actually been on a steady decline in 2009. Whether you’re shopping for a new home or you simply want to know why there are so many empty homes in your neighborhood, we’re here to answer the question. That’s why we came up with this comprehensive guide to give you the most up-to-date information about vacant homes in the United States. New York and Florida are the states with the highest number of vacant homes, according to a new Attom Data Solutions study released today. Also part of Cape May County, the town of Avalon is on Seven Mile Island, a barrier island on the Jersey Shore. In April 2020, the Jersey Shore banned all short-term vacation rentals in the region, as well as closing hotels and motels, in an effort to curb the spread of COVID-19.
To that end, most Stacker stories are freely available to republish under a Creative Commons License, and we encourage you to share our stories with your audience. However, with the average job search taking 9 weeks , our data found that just 51 million (32.9%) of the US’ 156 million workers have enough in savings to keep them afloat between losing and starting a new job. According to our data, over 76 million (48.8%) American workers have less than a month’s worth of savings should they lose their job, with 1 in 10 (9.4%) people saying they would struggle after just a week. If these figures in our map aren’t concerning enough, 2020 and the Coronavirus has created a whole new set of worries when it comes to housing, affordability and homelessness. Use the map below to click through each year to see how each state compares, as well as how the actual numbers of empty homes and homelessness have changed since 2010.
There Are Over 17 Million Vacant Homes in America
The economy here is relatively stable, although unemployment sits at 4.5%, 0.8% higher than the U.S. average. Housing prices have increased by approximately 20% in the last year, while inventory is down by more than 50%. A New Jersey beach town that is part of the Ocean City Metro area, Wildwood Crest is a sought-after destination for beachgoers and outdoor enthusiasts.
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. The number of housing units in the United States has been growing year on year and in 2021, there were approximately 142 million housing units in the United States.
The problem is that these homes are already accounted for when addressing the shortage of homes. The truth is that there are tons of vacant homes around, but they’re not the panacea you’re looking for to solve the current housing shortage. We’ll break down everything you need to know about the vacant homes in the United States here. That said, home abandonment is a bigger problem in some parts of the country than it is in others.
A central part of the famous Jersey Shore, Ocean City is a resort town that attracts millions of visitors every summer. While there are close to 15,000 vacant homes here, more than 13,000 of those are primarily recreational or seasonal residences. The economy in Ocean City has remained secure, with a 3.5% unemployment rate and a 1.8% increase in job markets in the last year. This well-known ski town is a popular destination for the rich and famous, offering not only winter sports but summer activities like golf and hiking.
Projections from March estimated that unemployment, during and due to the COVID-19 pandemic, could reach 30% - over 50 million. If these projections are even remotely close, based on our data, more than 25 million people face losing their homes due to the drop in income and lack of financial support. Through the brunt of the pandemic, several protections were created federally and by states to protect renters and those paying mortgages. However, like many of the other government actions, their time frames are starting to run out and struggling citizens could soon find themselves without a roof over their heads. Our research showed that between 2010 and 2018, there had been a 13.6% decrease in the number of homeless people in the US. However, in 2020 the economy and people's finances have been rocked by the COVID-19 pandemic.
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