QUARTERLY RESIDENTIAL VACANCIES AND …
FOR RELEASE AT 10:00 AM EST, Tuesday, April 30, 2024
QUARTERLY RESIDENTIAL VACANCIES AND HOMEOWNERSHIP, FIRST QUARTER 2024
Release Number: CB24-62
April 30, 2024 -- The U.S. Census Bureau announced the following residential vacancies and homeownership statistics for the first quarter 2024:
RESIDENTIAL VACANCIES AND HOMEOWNERSHIP FIRST QUARTER 2024
Rental Vacancy Rate
6.6%
Homeowner Vacancy Rate 0.8%
Homeownership Rate
65.6%
Next release: July 30, 2024
Data are not adjusted for seasonality. Source: U.S. Census Bureau,
Current Population Survey/Housing Vacancy Survey, April 30, 2024
Percent
Figure 1
Quarterly Rental and Homeowner Vacancy Rates for the United States: 2000-2024
12
11
Rental Vacancy Rate
Recession
10
9
8
7
6
5
4 Homeowner Vacancy Rate
3
2
1
0
2003
2008
2013
2018
Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, April 30, 2024
Recession data: National Bureau of Economic Research,
2024
National vacancy rates in the first quarter 2024 were 6.6 percent for rental housing and 0.8 percent for homeowner housing. The rental vacancy rate was not statistically different from the rate in the first quarter 2023 (6.4 percent) and virtually the same as the rate in the fourth quarter 2023 (6.6 percent).
The homeowner vacancy rate of 0.8 percent was virtually the same as the rate in the first quarter 2023 (0.8 percent) and not statistically different from the rate in the fourth quarter 2023 (0.9 percent).
The homeownership rate of 65.6 percent was not statistically different from the rate in the first quarter 2023 (66.0 percent) and not statistically different from the rate in the fourth quarter 2023 (65.7 percent).
Table 1. Rental and Homeowner Vacancy Rates for the United States: 2018 to 2024
Rental Vacancy Rate (percent)
Homeowner Vacancy Rate (percent)
Year
First
Second
Third
Fourth
First
Second
Third
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
2024......
6.6
0.8
2023......
6.4
6.3
6.6
6.6
0.8
0.7
0.8
2022......
5.8
5.6
6.0
5.8
0.8
0.8
0.9
2021......
6.8
6.2
5.8
5.6
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
0.9 0.8 0.9 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, April 30, 2024.
Data Inquiries
Media Inquiries
Social, Economic & Housing Statistics Division, Financial & Market Characteristics Branch
Public Information Office
301-763-3199 / Robert Callis / Patricia Holley / Daniel Truver
301-763-3030
sehsd.financial.market.characteristics@
pio@
In the first quarter 2024, the median asking rent for vacant for rent units was $1,469.
Figure 2
Dollars ($) 1600
Median Asking Rent for Vacant for Rent Units: 1999-2024
(Current Dollars)
Recession
1400
1200
1000
800
600
400
2001
2005
2009
2013
2017
Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, April 30, 2024 Recession data: National Bureau of Economic Research,
2020
2024
In the first quarter 2024, the median asking sales price for vacant for sale units was $334,800.
Figure 3
Median Asking Sales Price for Vacant for Sale Units: 1999-2024
Dollars ($) 350,000
(Current Dollars)
325,000
300,000
275,000
250,000
225,000
200,000
175,000
150,000
125,000
100,000
75,000
50,000
2001
2005
2009
2013
Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy, April 30, 2024
Recession data: National Bureau of Economic Research,
2017
Recession
2020
2024
1. Median asking rent and median 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@
The rental vacancy in principal cities (7.0 percent) was higher than the rate in suburbs (6.2 percent) and not statistically different from rate outside MSAs (6.2 percent). The rates in the suburbs and outside MSAs were not statistically different from each other. The rates in principal cities, suburbs, and outside MSAs were not statistically different from the rates in first quarter 2023.
The homeowner vacancy rates in suburbs (0.8 percent), outside MSAs (1.0 percent), and in principal cities (0.9 percent) were not statistically different from each other. The rate outside MSAs was higher than the rate in the first quarter 2023, while the rates in principal cities and suburbs were not statistically different than the first quarter 2023 rates.
The rental vacancy rate was highest in the South (8.4 percent), followed by the Midwest (7.0 percent), then the West (5.1 percent), and then the Northeast (4.4 percent). Compared to the first quarter 2023, the rental vacancy rate was higher in the West and not statistically different in the Northeast, Midwest, and South.
The homeowner vacancy rate in the South (1.1 percent) was higher than the rates in the West (0.7 percent), Midwest (0.6 percent), and Northeast (0.7 percent). The rates in the Northeast, Midwest, and West were not statistically different from each other. The homeowner vacancy in each region were not statistically different from the first quarter 2023 rates.
Table 2. Rental and Homeowner Vacancy Rates by Area and Region: First quarter 2023 and 2024
Rental Vacancy Rates (percent)
Homeowner Vacancy Rates (percent)
Area/Region
First Quarter
2023
First Quarter
2024
Margins of Errora
of
of
2024 rate difference
First Quarter
2023
First Quarter
2024
Margins of Errora
of
of
2024 rate difference
United States...............
6.4
6.6
0.2
0.3
0.8
0.8
0.1
0.1
Inside Metropolitan Statistical Areas........... ...In principal cities....... ...Not in principal ...cities (suburbs) ......... Outside Metropolitan Statistical Areas ..........
6.3
6.6
0.3
0.3
0.8
0.8
0.1
0.1
6.7
7.0
0.4
0.5
0.9
0.9
0.1
0.2
5.9
6.2
0.4
0.5
0.7
0.8
0.1
0.1
6.9
6.2
0.8
0.9
0.7
1.0
0.2
0.2
Northeast....................
4.1
4.4
0.5
0.6
0.6
0.7
0.1
0.2
Midwest......................
7.5
7.0
0.7
1.0
0.6
0.6
0.1
0.2
South...........................
8.3
8.4
0.4
0.6
1.0
1.1
0.1
0.2
West............................
4.3
5.1
0.4
0.6
0.7
0.7
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 estimate, the less reliable the estimate. This
number, when added to and subtracted from the estimate, forms the 90 percent confidence interval.
Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, April 30, 2024.
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 89.6 percent of the housing units in the United States in the first quarter 2024 were occupied and 10.4 percent were vacant. Owner-occupied housing units made up 58.8 percent of total housing units, while renter-occupied units made up 30.8 percent of the inventory. Vacant year-round units comprised 7.9 percent of total housing units, while 2.5 percent were vacant for seasonal use. Approximately 2.2 percent of the total units were vacant for rent, 0.5 percent were vacant for sale only and 0.5 percent were rented or sold but not yet occupied. Vacant units that were held off market comprised 4.7 percent of the total housing stock ? 1.5 percent were for occasional use, 0.8 percent were temporarily occupied by persons with usual residence elsewhere (URE) and 2.5 percent were vacant for a variety of other reasons.
Table 3. Estimates of the Total Housing Inventory for the United States: First quarter 2023 and 2024a (Estimates are in thousands, estimates may not add to total due to rounding)
First
First Difference
Margins of Errorb
Type
Quarter
Quarter
Between
of 2024
of
2023 (r)
2024
Estimates
estimate
difference
Percent of total
(2024)
All housing units................
144,740
146,375
1,635
(X)
(X)
100.0
..Occupied..........................
129,638
131,092
1,454
170
234
89.6
....Owner............................
85,506
86,052
546
466
640
58.8
....Renter............................
44,133
45,040
907
577
780
30.8
..Vacant..............................
15,102
15,283
181
332
419
10.4
....Year-round.....................
11,505
11,560
55
290
346
7.9
......For rent........................
3,033
3,189
156
119
157
2.2
......For sale only.................
665
728
63
56
69
0.5
......Rented or Sold...............
877
738
-139
50
70
0.5
......Held off Market............
6,931
6,905
-26
230
272
4.7
........For Occ'l Use..............
2,153
2,140
-13
166
182
1.5
........Temp Occ by URE.......
1,155
1,155
(z)
118
139
0.8
........Otherc..........................
3,623
3,611
-12
146
178
2.5
....Seasonal...........................
3,596
3,723
127
225
243
2.5
aThe housing inventory estimates are benchmarked to the 2020 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 estimate, 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 2022 housing unit controls. See note below.
(z) Less than 0.5.
X Not Applicable. Since the number of housing units is set equal to an independent national measure, there is no sampling error, and hence no confidence interval.
1. Since first quarter 2003, the Current Population Survey/Housing Vacancy Survey estimates have been controlled to an independent set of housing unit
estimates produced annually by the Census Bureau's Population Division from Census 2000, 2010, and 2020 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 Census 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 2023, the housing inventory estimates are based on vintage 2022 housing unit controls that are projected forward through the
current quarter. The first quarter 2023 housing inventory estimates, shown above, reflect vintage 2022 housing unit controls, benchmarked to the 2020 Census. The
CPS/HVS historical table series, from the second quarter 2020 through the first quarter 2023, has also been revised based on vintage 2022 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, April 30, 2024.
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 65.6 percent was not statistically different from the rate in the first quarter 2023 (66.0 percent) and not statistically different from the rate in the fourth quarter 2023 (65.7 percent).
Percent
Figure 4
Quarterly Homeownership Rates and Seasonally Adjusted Homeownership Rates
70
69
68
67
66
65
64
63
62
2002
2006
2010
2014
2018
2021
Recession
Homeownership Rate
Seasonally Adjusted Homeownership Rate
Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, April 30, 2024, Recession data: National Bureau of Economic Research,
2024
Table 4. Homeownership Rates for the United States: 2003 to 2024
Homeownership Rates (percent)
Year
First Quarter
Second Quarter
Third Quarter
Rate
MOEa
Rate
MOEa
Rate
MOEa
Fourth Quarter
Rate
MOEa
2024........
65.6
0.5
2023........
66.0
0.5
65.9
0.5
66.0
0.5
65.7
0.5
2022........
65.4
0.5
65.8
0.5
66.0
0.5
65.9
0.5
2021........
65.6
0.5
65.4
0.5
65.4
0.5
65.5
0.5
2020........
65.3
0.5
67.9
0.5
67.4
0.5
65.8
0.5
2019........
64.2
0.5
64.1
0.5
64.8
0.5
65.1
0.5
2018........
64.2
0.5
64.3
0.5
64.4
0.5
64.8
0.5
2017........
63.6
0.5
63.7
0.5
63.9
0.5
64.2
0.5
2016........
63.5
0.5
62.9
0.5
63.5
0.5
63.7
0.5
2015........
63.7
0.5
63.4
0.5
63.7
0.5
63.8
0.5
2014........
64.8
0.5
64.7
0.5
64.4
0.5
64.0
0.5
2013........
65.0
0.5
65.0
0.5
65.3
0.5
65.2
0.5
2012........
65.4
0.5
65.5
0.5
65.5
0.5
65.4
0.5
2011........
66.4
0.5
65.9
0.5
66.3
0.5
66.0
0.5
2010........
67.1
0.5
66.9
0.5
66.9
0.5
66.5
0.5
2009........
67.3
0.5
67.4
0.5
67.6
0.5
67.2
0.5
2008........
67.8
0.5
68.1
0.5
67.9
0.5
67.5
0.5
2007........
68.4
0.5
68.2
0.5
68.2
0.5
67.8
0.5
2006........
68.5
0.5
68.7
0.5
69.0
0.5
68.9
0.5
2005........
69.1
0.5
68.6
0.5
68.8
0.5
69.0
0.5
2004........
68.6
0.3
69.2
0.2
69.0
0.2
69.2
0.3
2003........
68.0
0.3
68.0
0.3
68.4
0.3
68.6
0.3
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 estimate, the less reliable the estimate. This
number, when added to and subtracted from the estimate, forms the 90 percent confidence interval.
Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, April 30, 2024.
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@
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