Top Metro Areas – Homeowner Vacancy Rate

In a recent study, NAHB examines eight key housing statistics from the 2012 American Community Survey (ACS). This post takes a closer look at one of those statistics; the homeowner vacancy rate.

The homeowner vacancy is calculated by taking the total number of vacant units intended for owner-occupancy divided by the total number of owner-occupied units. A low vacancy rate indicates a tight housing market where demand for owner-occupied units is high relative to supply.

The metropolitan area with the lowest homeowner vacancy rate in 2012 is Bismarck, ND with a rate of 0.2%. The metro area is a new entrant to the top ten due in large part to the state’s ongoing energy boom. The figure is well below the national homeowner vacancy rate of 2.0%.

There is considerable churn in the list from year-to-year as local economic conditions shift. Alexandria, LA is the only metropolitan area to appear in both the 2010 and 2012 lists.

Figure_1a

Eight of the ten metropolitan areas in the list have fewer than 100,000 owner-occupied housing units. This suggests it may also be useful to examine metropolitan areas with more housing units.

The tightest metropolitan area with at least 500,000 owner-occupied housing units is the Seattle-Bellevue-Everett, WA metro division with a rate of 1.1%. Again, there is considerable churn in the list from the prior report. In the prior report, for example, Seattle-Bellevue-Everett, WA had a homeowner vacancy rate of 2.5% and did not make the top ten.

Figure_2a

 

  • The complete series is provided below.
  1. Eye on Housing – Top Ten Metro Areas – Owner Occupied Housing Units
  2. Eye on Housing – Top Ten Metro Areas – Homeownership Rate
  3. Eye on Housing – Top Ten Metro Areas – Vacancy Rates
  4. Eye on Housing – Top Ten Metro Areas – Single-Family Concentration
  5. Eye on Housing – Top Ten Metro Areas – Median Income and Home Value
  6. Eye on Housing – Top Ten Metro Areas – New Construction


Tags: , ,