QUARTERLY RESIDENTIAL VACANCIES AND HOMEOW …

[Pages:14]FOR RELEASE AT 10:00 AM EST, Tuesday, November 2, 2021

QUARTERLY RESIDENTIAL VACANCIES AND HOMEOWNERSHIP, THIRD QUARTER 2021

Release Number: CB21-166

November 2, 2021 -- The U.S. Census Bureau announced the following residential vacancies and homeownership statistics for the third quarter 2021:

RESIDENTIAL VACANCIES AND HOMEOWNERSHIP THIRD QUARTER 2021

Rental Vacancy Rate

5.8%

Homeowner Vacancy Rate 0.9%

Homeownership Rate

65.4%

Next release: February 2, 2022

Data are not adjusted for seasonality. Source: U.S. Census Bureau,

Current Population Survey/Housing Vacancy Survey, November 2, 2021

Percent

Figure 1

Quarterly Rental and Homeowner Vacancy Rates for the United States: 1998-2021

12

11 Rental Vacancy Rate

Recession

10

9

8

7

6

5

4

3 Homeowner Vacancy Rate

2

1

0

1998

2003

2008

2013

2018

2021

Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, November 2, 2021

Recession data: National Bureau of Economic Research,

National vacancy rates in the third quarter 2021 were 5.8 percent for rental housing and 0.9 percent for homeowner housing. The rental vacancy rate was 0.6 percentage points lower than the rate in the third quarter 2020 (6.4 percent) and 0.4 percentage points lower than the rate in the second quarter 2021 (6.2 percent).

The homeowner vacancy rate of 0.86 percent was lower than the rate in the third quarter 2020 (0.95 percent) and virtually the same as the rate in the second quarter 2021 (0.86 percent). (Note: the 0.86 percent and the 0.95 percent each round to 0.9 percent in the tables below).

The homeownership rate of 65.4 percent was 2.0 percentage points lower than the rate in the third quarter 2020 (67.4 percent) and virtually the same as the rate in the second quarter 2021 (65.4 percent).

Table 1. Rental and Homeowner Vacancy Rates for the United States: 2018 to 2021

Rental Vacancy Rate (percent)

Homeowner Vacancy Rate (percent)

Year

First

Second

Third

Fourth

First

Second

Third

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

2021......

6.8

6.2

5.8

0.9

0.9

0.9

2020......

6.6

5.7

6.4

6.5

1.1

0.9

0.9

2019......

7.0

6.8

6.8

6.4

1.4

1.3

1.4

2018......

7.0

6.8

7.1

6.6

1.5

1.5

1.6

Fourth Quarter

1.0 1.4 1.5

All comparative statements in this report have undergone statistical testing, and unless otherwise noted, all comparisons are statistically significant at the 90 percent significance level. For an explanation of how the rates are calculated, please see the Explanatory Notes at the end of the press release. Explanations of confidence intervals and sampling variability can be found on the CPS/HVS website at: Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, November 2, 2021.

Data Inquiries Social, Economic & Housing Statistics Division, Financial & Market Characteristics Branch 301-763-3199 / Robert Callis / Patricia Holley / Daniel Truver sehsd.financial.market.characteristics@

Media Inquiries Public Information Office

301-763-3030 pio@

In the third quarter 2021, the median asking rent for vacant for rent units was $1,203.

Figure 2

Dollars ($) 1300 1200 1100 1000

900 800 700 600 500 400

1997

Median Asking Rent for Vacant for Rent Units: 1997-2021

(Current Dollars)

2001

2005

2009

2013

2017

Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, November 2, 2021 Recession data: National Bureau of Economic Research,

Recession

2021

In the third quarter 2021, the median asking sales price for vacant for sale units was $285,500.

Figure 3

Median Asking Sales Price for Vacant for Sale Units: 1997-2021

Dollars ($) 300,000

(Current Dollars)

Recession

275,000

250,000

225,000

200,000

175,000

150,000

125,000

100,000

75,000

50,000

1997

2001

2005

2009

2013

2017

2021

Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey November 2, 2021

Recession data: National Bureau of Economic Research,

1. Me,ddian asking sales price data for vacant units can be found in Historical Table 11A/B at

2. The data in figures 2 and 3 are not adjusted for price changes.

Data Inquiries Social, Economic & Housing Statistics Division, Financial & Market Characteristics Branch 301-763-3199 / Robert Callis / Patricia Holley / Daniel Truver sehsd.financial.market.characteristics@

Media Inquiries Public Information Office

301-763-3030 pio@

Note for Data Users: Comparing Estimates Across Quarters The coronavirus pandemic affected data collection operations for the CPS/HVS during several quarters of 2020 and 2021. In the third quarter of 2021, the pandemic-related restrictions on CPS/HVS data collection had ended in almost all areas, and less than one-half of one percent of cases were affected. However, comparisons of the third quarter estimates to prior quarters may be affected to the extent that restrictions on in-person data collection were more widespread in previous quarters. Data users should therefore understand and consider the changes in data collection operations when interpreting CPS/HVS estimates for the affected quarters and when comparing the affected quarters to other periods See the FAQ for more information.

The rental vacancy rates in principal cities (6.6 percent) and outside MSAs (6.4 percent) were higher than the rate in the suburbs (4.7 percent). The 6.6 percent was not statistically different from the 6.4 percent. The rates in the suburbs and outside MSAs were lower than the third quarter 2020 rate, but the rate in principal cities was not statistically different from the third quarter 2020 rate.

The homeowner vacancy rate in principal cities (1.1 percent) was higher than the rate in the suburbs (0.8 percent) but not statistically different from the rate outside MSAs (0.9 percent). The rate outside MSAs was not statistically different from the rate in the suburbs. The rate outside MSAs was lower than the rate in third quarter 2020, and the rates in principal cities and suburbs were not statistically different from the third quarter 2020 rates.

The rental vacancy rate was highest in the South (7.2 percent), followed by the Midwest (6.3 percent). The rates were lowest in the Northeast (4.3 percent) and West (4.4), and these two regions were not statistically different from each other. The rates in the Northeast and West were lower than their third quarter 2020 rates. The rates in the Midwest and South were not statistically different from the third quarter 2020 rates.

The homeowner vacancy rate in the Northeast (1.0 percent) was higher than the rate in the Midwest (0.7 percent). The rates in the Midwest, the South (0.9 percent), and the West (0.8 percent) were not statistically different from each other, and the rate in the Northeast was not statistically different from the South and West. The rates in all regions were not statistically different from the third quarter 2020 rates.

Data Inquiries Social, Economic & Housing Statistics Division, Financial & Market Characteristics Branch 301-763-3199 / Robert Callis / Patricia Holley / Daniel Truver sehsd.financial.market.characteristics@

Media Inquiries Public Information Office

301-763-3030 pio@

Table 2. Rental and Homeowner Vacancy Rates by Area and Region: Third Quarter 2020 and 2021

Rental Vacancy Rates (percent)

Homeowner Vacancy Rates (percent)

Area/Region

Third Quarter

2020*

Third Quarter

2021

Margins of Errora

of

of

2021 rate difference

Third Quarter

2020*

Third Quarter

2021

Margins of Errora

of

of

2021 rate difference

United States...............

6.4

5.8

0.2

0.3

0.9

0.9

0.1

0.1

Inside Metropolitan Statistical Areas........... ...In principal cities....... ...Not in principal ...cities (suburbs) ......... Outside Metropolitan Statistical Areas ..........

6.3

5.7

0.3

0.3

0.9

0.9

0.1

0.1

7.0

6.6

0.4

0.5

1.0

1.1

0.2

0.2

5.5

4.7

0.3

0.5

0.9

0.8

0.1

0.1

7.5

6.4

0.8

1.0

1.2

0.9

0.2

0.2

Northeast.................... Midwest...................... South........................... West............................

5.6

4.3

0.5

0.7

1.1

1.0

0.2

0.2

6.9

6.3

0.7

0.9

0.9

0.7

0.1

0.2

7.6

7.2

0.4

0.6

1.0

0.9

0.1

0.1

5.1

4.4

0.4

0.6

0.8

0.8

0.1

0.2

aA margin of error is a measure of an estimate's reliability. The larger the margin of error in relation to the size of the esti mate, the less reliable the estimate. This number, when added to and subtracted from the estimate, forms the 90 percent confidence interval. *Third quarter 2020 data were impacted by interviewing restrictions due to COVID. Please see FAQ for more information.

Data Inquiries Social, Economic & Housing Statistics Division, Financial & Market Characteristics Branch 301-763-3199 / Robert Callis / Patricia Holley / Daniel Truver sehsd.financial.market.characteristics@

Media Inquiries Public Information Office

301-763-3030 pio@

Approximately 89.3 percent of the housing units in the United States in the third quarter 2021 were occupied and 10.7 percent were vacant. Owner-occupied housing units made up 58.4 percent of total housing units, while renter-occupied units made up 30.9 percent of the inventory in the third quarter 2021. Vacant yearround units comprised 8.2 percent of total housing units, while 2.5 percent were vacant for seasonal use. Approximately 1.9 percent of the total units were vacant for rent, 0.5 percent were vacant for sale only and 0.9 percent were rented or sold but not yet occupied. Vacant units that were held off market comprised 4.9 percent of the total housing stock ? 1.4 percent were for occasional use, 0.9 percent were temporarily occupied by persons with usual residence elsewhere (URE) and 2.6 percent were vacant for a variety of other reasons.

Table 3. Estimates of the Total Housing Inventory for the United States: Third Quarter 2020 and 2021a (Estimates are in thousands, estimates may not add to total due to rounding)

Type

Third Quarter 2020* (r)

Third Quarter

2021

Difference Between Estimates

Margins of Errorb

of 2021 estimate

of difference

Percent of total

(2021)

All housing units................

140,877

142,100

1,223

(X)

(X)

100.0

..Occupied..........................

126,636

126,914

278

245

312

89.3

....Owner............................

85,403

82,948

-2,455

490

658

58.4

....Renter............................

41,233

43,967

2734

575

774

30.9

..Vacant..............................

14,242

15,185

943

331

413

10.7

....Year-round.....................

10,683

11,671

988

291

341

8.2

......For rent........................

2,863

2,722

-141

110

149

1.9

......For sale only.................

820

722

-98

56

73

0.5

......Rented or Sold...............

923

1,220

297

64

80

0.9

......Held off Market............

6,076

7,008

932

232

265

4.9

........For Occ'l Use..............

1,858

2,031

173

162

173

1.4

........Temp Occ by URE.......

961

1,236

275

122

135

0.9

........Otherc..........................

3,258

3,741

483

148

175

2.6

....Seasonal...........................

3,559

3,514

-45

218

239

2.5

aThe housing inventory estimates are benchmarked to the 2010 Census. bA margin of error is a measure of an estimate's reliability. The larger the margin of error in relation to the size of the esti mate, the less reliable the estimate. This

number, when added to and subtracted from the estimate, forms the 90 percent confidence interval. cA detailed breakdown of the `other' vacant category can be found in Historical Table 18

(r) Revised using vintage 2020 housing unit controls. See note below.

*Third quarter 2020 data were impacted by interviewing restrictions due to COVID. Please see FAQ for more information.

X Not Applicable. Since the number of housing units is set equal to an independent national measure, there is no sampling err or, and hence no confidence interval.

1. Since first quarter 2003, the Current Population Survey/Housing Vacancy Survey estimates have been controlled to an indepe ndent set of housing unit

estimates produced annually by the Census Bureau's Population Division from Census 2000 and 2010 and updated using building permit data, estimates of housing

loss, and other administrative record data. Doing so makes the CPS/HVS estimates of housing units more comparable to other Ce nsus Bureau housing surveys

controlled to these census-based estimates. The housing unit controls affect the estimate of vacant units in the sense that the estimates of total occupied and vacant

units sum to the control total. Vacancy rates and homeownership rates are not affected by this change.

2. Beginning in the second quarter 2021, the housing inventory estimates are based on vintage 2020 housing unit controls that are projected forward through the

current quarter 2021. The third quarter 2021 housing inventory estimates, shown above, reflect vintage 2020 housing unit controls, benchmarked to the 2010 Census.

The CPS/HVS historical table series, from the first quarter 2010 through the first quarter 2021, has also been revised based on vintage 2020 housing unit controls.

These revised estimates and additional information on terms and definitions can be found at:

3. For the methodology used in developing the housing unit estimates used for controls in the CPS/HVS, please see the Census Bureau's Population Division

website:

Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, November 2, 2021.

Data Inquiries Social, Economic & Housing Statistics Division, Financial & Market Characteristics Branch 301-763-3199 / Robert Callis / Patricia Holley / Daniel Truver sehsd.financial.market.characteristics@

Media Inquiries Public Information Office

301-763-3030 pio@

The homeownership rate of 65.4 percent was lower than the rate in the third quarter 2020 (67.4 percent) but virtually unchanged from the rate in the second quarter 2021 (65.4 percent).

Percent

Figure 4

70 69 68 67 66 65 64 63 62

1998

Quarterly Homeownership Rates and Seasonally Adjusted Homeownership Rates

for the United States: 1997-2021

2002 Recession

2006 Homeownership Rate

2010

2014

2018

Seasonally Adjusted Homeownership Rate

2021

Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, November 2, 2021, Recession data: National Bureau of Economic Research,

Table 4. Homeownership Rates for the United States: 2000 to 2021

Homeownership Rates (percent)

Year

First Quarter

Second Quarter

Third Quarter

Rate

MOEa

Rate

MOEa

Rate

MOEa

2021........

65.6

0.5

65.4

0.5

65.4

0.5

2020........

65.3

0.5

67.9

0.5

67.4

0.5

2019........

64.2

0.5

64.1

0.5

64.8

0.5

2018........

64.2

0.5

64.3

0.5

64.4

0.5

2017........

63.6

0.5

63.7

0.5

63.9

0.5

2016........

63.5

0.5

62.9

0.5

63.5

0.5

2015........

63.7

0.5

63.4

0.5

63.7

0.5

2014........

64.8

0.5

64.7

0.5

64.4

0.5

2013........

65.0

0.5

65.0

0.5

65.3

0.5

2012........

65.4

0.5

65.5

0.5

65.5

0.5

2011........

66.4

0.5

65.9

0.5

66.3

0.5

2010........

67.1

0.5

66.9

0.5

66.9

0.5

2009........

67.3

0.5

67.4

0.5

67.6

0.5

2008........

67.8

0.5

68.1

0.5

67.9

0.5

2007........

68.4

0.5

68.2

0.5

68.2

0.5

2006........

68.5

0.5

68.7

0.5

69.0

0.5

2005........

69.1

0.5

68.6

0.5

68.8

0.5

2004........

68.6

0.3

69.2

0.2

69.0

0.2

2003........

68.0

0.3

68.0

0.3

68.4

0.3

2002b.......

67.8

0.3

67.6

0.3

68.0

0.3

2001........

67.5

0.3

67.7

0.3

68.1

0.3

2000........

67.1

0.3

67.2

0.3

67.7

0.3

Fourth Quarter

Rate

MOEa

65.8

0.5

65.1

0.5

64.8

0.5

64.2

0.5

63.7

0.5

63.8

0.5

64.0

0.5

65.2

0.5

65.4

0.5

66.0

0.5

66.5

0.5

67.2

0.5

67.5

0.5

67.8

0.5

68.9

0.5

69.0

0.5

69.2

0.3

68.6

0.3

68.3

0.3

68.0

0.3

67.5

0.3

Data Inquiries Social, Economic & Housing Statistics Division, Financial & Market Characteristics Branch 301-763-3199 / Robert Callis / Patricia Holley / Daniel Truver sehsd.financial.market.characteristics@

Media Inquiries Public Information Office

301-763-3030 pio@

aA margin of error is a measure of an estimate's reliability. The larger the margin of error in relation to the size of the esti mate, the less reliable the estimate. This number, when added to and subtracted from the estimate, forms the 90 percent confidence interval. bRevised in 2002 to incorporate information collected in Census 2000. Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, November 2, 2021.

Table 4SA shows the seasonally adjusted homeownership rates for the United States, from 2000 through the third quarter 2021. (Research has shown that seasonality for homeownership rates is present.) When adjusted for seasonal variation, the third quarter 2021 homeownership rate was lower than the rate in the third quarter 2020 and not statistically different from the rate in the second quarter 2021.

Table 4SA. Homeownership Rates for the United States: 2000 to 2021, Seasonally Adjusteda

Homeownership Rates (percent), Seasonally Adjusted

Year

First Quarter

Second Quarter

Third Quarter

Rate

MOEb

Rate

MOEb

Rate

MOEb

Fourth Quarter

Rate

MOEb

2021........

65.6

0.5

65.6

0.5

65.4

0.5

2020........

65.3

0.5

68.1

0.5

67.4

0.5

65.7

0.5

2019........

64.2

0.5

64.3

0.5

64.8

0.5

65.0

0.5

2018........

64.2

0.5

64.5

0.5

64.4

0.5

64.6

0.5

2017........

63.6

0.5

63.9

0.5

63.9

0.5

64.0

0.5

2016........

63.5

0.5

63.1

0.5

63.5

0.5

63.5

0.5

2015........

63.8

0.5

63.5

0.5

63.6

0.5

63.7

0.5

2014........

64.9

0.5

64.8

0.5

64.3

0.5

63.9

0.5

2013........

65.2

0.5

65.1

0.5

65.2

0.5

65.1

0.5

2012........

65.6

0.5

65.6

0.5

65.4

0.5

65.3

0.5

2011........

66.5

0.5

66.0

0.5

66.1

0.5

65.9

0.5

2010........

67.2

0.5

66.9

0.5

66.7

0.5

66.5

0.5

2009........

67.4

0.5

67.4

0.5

67.4

0.5

67.2

0.5

2008........

67.9

0.5

68.1

0.5

67.7

0.5

67.5

0.5

2007........

68.5

0.5

68.3

0.5

68.0

0.5

67.8

0.5

2006........

68.6

0.5

68.8

0.5

68.9

0.5

68.8

0.5

2005........

69.2

0.5

68.7

0.5

68.7

0.5

68.9

0.5

2004........

68.7

0.2

69.4

0.1

68.9

0.1

69.1

0.2

2003........

68.1

0.2

68.2

0.2

68.3

0.2

68.5

0.2

2002c.......

67.9

0.2

67.8

0.2

67.9

0.2

68.2

0.2

2001........

67.6

0.2

67.8

0.2

67.9

0.2

67.9

0.2

2000........

67.1

0.2

67.3

0.2

67.5

0.2

67.5

0.2

aAs new quarterly data are input, previous quarters' seasonally adjusted homeownership rates may change. bA margin of error is a measure of an estimate's reliability. The larger the margin of error in relation to the size of the es timate, the less reliable the estimate. This

number, when added to and subtracted from the estimate, forms the 90 percent confidence interval. cRevised in 2002 to incorporate information collected in Census 2000. Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, November 2, 2021.

Data Inquiries Social, Economic & Housing Statistics Division, Financial & Market Characteristics Branch 301-763-3199 / Robert Callis / Patricia Holley / Daniel Truver sehsd.financial.market.characteristics@

Media Inquiries Public Information Office

301-763-3030 pio@

The third quarter 2021 homeownership rate was highest in the Midwest (70.9 percent), followed by the South (67.0 percent), Northeast (61.7 percent), and West (59.9 percent). The homeownership rates in the South and West were lower than the rates in the third quarter 2020, while the rates in the Northeast and Midwest were not statistically different.

Table 5. Homeownership Rates for the United States and Regions: 2016 to 2021

Homeownership Rates (percent)

Year/Quarter

United States

Rate

MOEa

Northeast

Rate

MOEa

Midwest

Rate

MOEa

South

Rate

MOEa

West

Rate

MOEa

2021

Third Quarter

65.4

0.5

61.7

0.7

70.9

0.6

67.0

0.5

59.9

0.7

Second Quarter

65.4

0.5

61.8

0.7

70.7

0.6

67.1

0.5

60.1

0.7

First Quarter

65.6

0.5

63.1

0.7

70.3

0.6

67.4

0.5

59.7

0.7

2020

Fourth Quarter

65.8

0.5

62.6

0.7

70.8

0.6

67.7

0.5

60.4

0.7

Third Quarter

67.4

0.5

62.0

0.7

71.2

0.6

70.8

0.5

62.1

0.7

Second Quarter

67.9

0.5

63.3

0.7

71.4

0.6

71.1

0.5

62.6

0.7

First Quarter

65.3

0.5

62.4

0.7

69.2

0.6

67.6

0.5

60.1

0.7

2019

Fourth Quarter

65.1

0.5

62.3

0.7

69.5

0.6

66.7

0.5

60.3

0.7

Third Quarter

64.8

0.5

61.7

0.7

69.0

0.6

66.2

0.6

60.6

0.7

Second Quarter

64.1

0.5

61.2

0.7

68.0

0.6

66.0

0.6

59.3

0.7

First Quarter

64.2

0.5

60.7

0.8

68.2

0.6

66.2

0.6

59.8

0.7

2018

Fourth Quarter

64.8

0.5

61.3

0.8

69.3

0.6

66.0

0.6

60.9

0.7

Third Quarter

64.4

0.5

61.5

0.8

69.0

0.6

65.4

0.6

60.2

0.7

Second Quarter

64.3

0.5

61.3

0.8

68.3

0.6

65.9

0.6

59.7

0.7

First Quarter

64.2

0.5

60.5

0.8

67.9

0.7

66.3

0.6

59.7

0.7

2017

Fourth Quarter

64.2

0.5

60.6

0.8

68.7

0.6

65.8

0.6

60.0

0.7

Third Quarter

63.9

0.5

60.4

0.8

69.1

0.6

65.5

0.6

58.9

0.7

Second Quarter

63.7

0.5

60.4

0.8

68.0

0.7

65.5

0.6

58.9

0.7

First Quarter

63.6

0.5

60.6

0.8

67.6

0.7

65.4

0.6

59.0

0.7

2016

Fourth Quarter

63.7

0.5

60.4

0.9

68.4

1.0

65.3

0.9

59.0

1.1

Third Quarter

63.5

0.5

60.8

0.9

68.6

1.0

65.0

0.9

58.2

1.1

Second Quarter

62.9

0.5

59.2

0.9

67.7

1.0

64.8

0.9

57.9

1.1

First Quarter

63.5

0.5

60.4

0.9

68.9

1.0

64.8

0.9

58.7

1.1

aA m2a0r1gi5n of error is a measure of an estimate's reliability. The larger the margin of error in relation to the size of the estimate, the less reliable the estimate. This

numFboeur,rwthheQnuaaddrteedrto and sub6t3ra.c8ted from th0e.e5stimate, fo6r1m.s6the 90 perc0en.9t confidenc6e8i.n1terval. 1.0

65.3

0.9

59.0

1.2

SouTrchei:rUd.SQ. CueanrstuesrBureau, Cur6re3n.t7Population0Su.5rvey/Housi6n0g.V8acancy Surv0e.y9, Novembe6r82.,12021.

1.0

65.4

0.9

58.7

1.2

Second Quarter

63.4

0.5

60.2

0.9

68.4

1.0

64.9

0.9

58.5

1.2

First Quarter

Data Inquiries

63.7

0.5

61.1

0.9

68.6

1.0

65.1

0.9

58.5

1.2

Media Inquiries

So2c0ia1l4, Economic & Housing Statistics Division, Financial & Market Characteristics Branch

3se0FTh1ohs-udi7r.r6dfti3hnQ-a3Qun1acu9ir9aatlre/.haallr66ias44c/..t04ePraitsrtiiccisa@Hcoe00lln..e55syus/.gDoavnie66l 12T..r93uver

0.9 0.9

68.3 68.8

1.0

65.5

1.0

65.7

Public Information Office

0.9 0.9

5589p..i64o3@01c-e7n6s3u-s3.11g0..o322v0

Second Quarter

64.7

0.5

62.1

0.9

69.6

1.0

65.9

0.9

59.6

1.2

First Quarter

64.8

0.5

62.4

0.9

69.3

1.0

66.5

0.9

59.4

1.2

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download