With 20.6% of houses in Maine sitting empty, the state has the highest vacancy rate in the country, according to a report by online marketplace LendingTree.
Well above the national average of 10.1%, Maine ranks first with 154,717 vacant homes, followed by Vermont at 19.4% (65,626 homes) and Alaska at 17.6% (57,958 homes), researchers found, using U.S. Census Bureau data.
Researchers noted that all three are popular vacation and recreation destinations with large concentrations of seasonal homes that are officially classified as vacant because they remain unoccupied for much of the year.
By contrast, Connecticut has the nation’s lowest vacancy rate at 7%, with 107,815 unoccupied homes. Washington follows at 7.3% (241,800 homes). California, New Jersey and Oregon are tied for the third-lowest vacancy rate at 7.5%.
Generally, a vacancy rate between 7% and 8% is considered consistent with a balanced real estate market, providing enough available housing to accommodate buyers and renters without creating significant shortages or surpluses. Researchers noted that the significance of a local market’s vacancy rate depends on the unique characteristics of that market.
“A healthy level of vacancy is generally a good thing because it gives buyers and renters more options and helps reduce competition for available homes,” said Matt Schulz, LendingTree’s chief consumer finance analyst and author of “Ask Questions, Save Money, Make More: How to Take Control of Your Financial Life.”
“However, as our report shows, not all vacant homes are available to people looking for housing,” he noted. “A key question isn’t how many homes are vacant, but how many are available for someone to buy or rent.”
