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14 US Cities With an Increase in Vacant Homes Due to Shifting Demand

14 US Cities With an Increase in Vacant Homes Due to Shifting Demand

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A curious puzzle unfolds in the heart of some of our American cities. While more and more people struggle to find a place to call home (sometimes even becoming homeless) due to a lack of resources and high demand for properties, many houses sit empty.

Why do properties stand vacant even as the race for affordable homes intensifies?

The high ownership costs of homes could make them harder for many to afford. The demand for housing has caused rental prices to skyrocket. Economic shifts may also be forcing more people to move away to better prospects, while some owners temporarily keep houses vacant as investment speculation.

What does the housing crisis look like in different cities- in terms of empty properties? Let’s take a look.

1. New Orleans, Louisiana

downtown new orleans louisiana
Photo Credit: Depositphotos.com.

With 22.9% house vacancy, this Louisiana city wins the housing crisis competition. This is fuelled majorly by increased insurance premiums, property tax obligations, and construction expenses.

2. Shreveport, Lousiana

man riding a bike in the city commute
Photo Credit: Depositphotos.com.

The commercial and industrial city of Shreveport, LA records a 16.0% housing vacancy. The rapid increase in housing costs is a major culprit.

3. Baton Rouge, Louisiana

Young woman giving money to homeless beggar man sitting in city
Photo Credit: Depositphotos.com.

 A third city in Lousiana makes up the top 3 most vacant cities. Like other cities, the high insurance rate has contributed to Baton Rouge’s housing crisis. The housing vacancy stands at an unenviable 16.0%, according to Smart Asset.

4. St. George, Utah

Off-road vehicles in Moab Utah, A Natural background with Mountains
Photo Credit: Depositphotos.com.

Despite having a population growth of 18.5%, this booming town for outdoor enthusiasts still has 14.8% empty properties. The Spectrum notes that house rates doubled, while most salaried remained the same, leading to the crisis being witnessed. No one can afford to live there.

5. Cape Coral, Florida

A beautiful view of Juno Beach Pier in Florida just before sunrise
Photo Credit: Depositphotos.com.

Cape Floral witnessed an 18.4% property vacancy. The mass movement to other cities after a recent hurricane may be a major cause for this housing imbalance.

6. Enterprise, Nevada

downtown last vegas eiffel tower casinos
Photo Credit: Depositphotos.com.

This small city in the Las Vegas Valley of Nevada is experiencing over a 9% housing vacancy issue. This is due to the high inflation being experienced, as well as the skyrocketing house prices due to it’s proximity to the city that never sleeps.

7. New York City, New York

Times Square with busy traffic
Photo Credit: Depositphotos.com. Time Square New York

New York City has seen an 8.3% increase in vacancy rate despite the growing population. New York’s rent stabilization law is largely to blame, as more landlords decline to renovate their houses. The renovation is too expensive, and the low rent they’re supposed to fetch for them doesn’t improve the situation.

8. San Francisco, California

Young couple on beach have fun
Photo Credit: Depositphotos.com.

There’s a 12.7% vacancy rate in San Francisco, as recorded in a recent survey. Despite its declining population, San Francisco continues to experience a housing crisis. The house-buying process and approval in San Francisco is a complicated affair and a major contributing factor.

9. Pompano Beach, Florida

Woman with arms raised on the America coastline
Photo Credit: Depositphotos.com. America Coastline

Pompano Beach has a 21.7% housing vacancy, a common occurrence in most Florida cities these days due to population fluctuations due to snowbirds.

10. Fort Lauderdale, Florida

Buying House With Savings
Photo Credit: Depositphotos.com.

One of many Florida cities to make the list. Florida’s vacant houses crisis extends to Fort Lauderdale, where 21.4% of the houses are vacant despite a huge population.

11. Clearwater, Florida

A Piggy Bank and a Graph indicating Increasing Savings
Photo Credit: Depositphotos.com.

20.7% of the houses in Clearwater, Florida, are empty in a clear economic imbalance. The rising cost of houses is to blame, which has decreased demand for houses- even though people would love to buy one if they could.

12. St. Petersburg, Florida

keys to a house rental property
Photo Credit: Depositphotos.com.

17.0% of the houses in St. Petersburg are vacant, a recent study shows. Like most locations, this is mainly because of the sharp rise in house prices, while people’s income remains unchanged.

13. West Palm Beach, Florida

Boy swimming in crystal blue water
Photo Credit: Depositphotos.com.

West Palm Beach, Florida is also affected by the housing imbalance, with a 16.2% vacancy rate.

14. Hollywood, California

hollywood california street sign
Photo Credit: Depositphotos.com.

The cost of living in California is unattainable for many, particularly in Hollywood- where celebrities and status increase the cost. 15.9% of the houses in Hollywood are vacant. A 2020 report shows between 85,000-100,000 vacant houses in Hollywood. The increase in high-end houses that many can’t afford is one of the contributing factors.

Source

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