The US Census Bureau put out some interesting housing data recently. I will comment on two areas: home vacancy rates and home ownership.
Vacancy Rates
The number of vacant homes increased 44% during the decade of the 2000s. Home vacancies were about 15 million in 2010, up from around 10.4 million in 2000.
The 15 million vacant homes represents about 11.4% of all the housing units in the country. These units represent almost the total amount of new homes built during the decade; the US increased the number of housing units by 16 million in the 10-year period, according to the US Cencus Bureau.
During the past decade, Florida's home vacancies increased 62%, Arizona 61%, Georgia 63% and Nevada 120%. As a percentage of total homes in the market, the top three states were: Florida had about 17.5% vacant, Vermont was at about 21% and Maine was highest at about 23%.
Home Ownership Rates
Home ownership saw the biggest drop since the Great Depression in the US. Home ownership was 65.1% in April 2010, which was about 1.1% below the rate in the year 2000. The biggest decade drop was 4.2% in the 1930s.
The real story is home ownership dropped almost as low as the great depression at about 4%. The percentage decline was about a 4% drop in the six year period from 2004 to 2010; this compares to the 1.1% drop for the decade 2000-2010 (as referenced above). Home ownership was almost 70% in 2004, according to the US Census Bureau, and fell quickly in the last 6 years of the decade ending 2010.
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Michael Friedman
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