States With The Highest Vacancy Rates In 2022
Vacant properties are ones that have no tenants or contents. In the real estate and insurance industries, these are considered “void.” It is important to note that this does not mean these are all abandoned locations, they’re just not currently in use. Property can be vacant because it is being sold, rented, in negotiations, or even just as a vacation home that hasn’t been developed. Understanding how your state compares to others in its vacancy rate is important when considering investments, as housing prices are related to the number of vacant properties in a region.
Top 5 States with the Highest Vacancy Rates:
- Vermont – 22.86%
- Maine – 22.68%
- Alaska – 20.51%
- West Virginia – 18.12%
- Alabama – 17.69%
Top 5 States with the Lowest Vacancy Rates:
- Oregon – 7.76%
- Washington – 7.87%
- Connecticut – 8.09%
- New Jersey – 8.45%
- California – 8.68%
Because there are many reasons why a house or apartment is left vacant, it is hard to find broad patterns that drive vacancy rates. Typically, states with high vacancy rates have lower average property prices. However, it is important to note that this is not always the case – for example, Alaska has high vacancy rates and above-average median home values.
If you have a property that is not currently in use, it is important to have a conversation with your insurance agent as soon as possible. Generally, homeowners insurance rarely covers real estate that is vacant for 30 to 60 days or more, and you may need a specialty insurance policy to make sure you are fully protected.
