by Calculated Risk on 3/18/2011 04:27:00 PM
Friday, March 18, 2011
Florida: 18 Percent of Homes are Vacant
From Les Christie at CNNMoney: Nearly 20% of Florida homes are vacant
On Thursday, the Census Bureau revealed that 18% -- or 1.6 million -- of the Sunshine State's homes are sitting vacant. That's a rise of more than 63% over the past 10 years.Here is the data from the 2010 Census:
...
The vacancy problem is more dire in Florida than in any other bubble market: In California, only 8% of units were vacant, while Nevada, the state with the nation's highest foreclosure rate, had about 14% sitting empty. Arizona had a vacancy rate of about 16%.
Arizona | California | Florida | Nevada | |
---|---|---|---|---|
Total: | 2,844,526 | 13,680,081 | 8,989,580 | 1,173,814 |
Occupied | 2,380,990 | 12,577,498 | 7,420,802 | 1,006,250 |
Vacant | 463,536 | 1,102,583 | 1,568,778 | 167,564 |
Percent Vacant | 16.3% | 8.1% | 17.5% | 14.3% |
Once all of the state data is released (by April 1st), I'll compile a comparison of vacant units to the 2000 Census data - and to the quarterly Housing Vacancies and Homeownership data (that is commonly used by analysts to estimate excess vacant units).
It is no surprise that Florida still has a huge number of excess vacant units.