When you drive through neighborhoods in the U.S., you might not expect that a number of those homes are empty.
In fact, according to a new study from LendingTree, 14.5 million U.S. homes — roughly 1 in 10 nationwide — are unoccupied. But, LendingTree said, that doesn’t always mean availability.
It said that some empty homes are used seasonally, while others are available for rent — and fewer than 800,000 are listed for sale. LendingTree said that the differences in vacancy type help explain why housing can feel scarce even when millions of homes sit empty.
LendingTree said it analyzed U.S. Census Bureau data to see where vacancy rates are highest, how they’ve changed over time, and what they may reveal about local housing markets.
Here are the study’s key findings:
- 14.5 million U.S. homes — roughly 1 in 10 — are vacant. Of those, 4.7 million are used seasonally or recreationally, 2.6 million are available to rent and fewer than 800,000 are listed for sale.
- Not all vacant homes are the same. In Vermont, 75.8% of vacant homes are seasonal or recreational properties, meaning about 1 in 7 homes statewide sit empty in the offseason. In the District of Columbia, 39.4% of vacant homes are available for rent — the highest share in the nation.
- Maine has the nation’s highest vacancy rate at 20.6%, followed by Vermont (19.4%) and Alaska (17.6%). In contrast, Connecticut has the lowest vacancy rate in the country at 7.0%, followed by Washington (7.3%). California, New Jersey and Oregon are all tied at 7.5%.
- The national vacancy rate fell by 0.31 percentage points, or about 302,000 homes, between 2023 and 2024. Wyoming (down 1.23 percentage points), North Dakota (down 1.03 points) and Rhode Island (down 0.72 points) saw the biggest declines. Meanwhile, the vacancy rate increased in just two states: the District of Columbia (up 0.42 points) and Oregon (up 0.05 points).
- Homes tend to cost more in states with lower vacancy rates. The states with the lowest vacancy rates have an average median home value of $435,118, which is $167,678 higher than the average in states with the highest vacancy rates. However, Alaska, Florida and New Hampshire rank among the high-vacancy states while still having home values above the national median of $332,700.
Of the nation’s 14.5 million vacant homes, 4.7 million (32.6%) are used seasonally or recreationally, such as vacation homes. Another 2.6 million (18.2%) are available for rent, while just under 800,000 (5.5%) are listed for sale.
LendingTree said that the rest fall into other categories, such as properties that are sold or rented but not yet occupied, housing reserved for workers, or units being held off the market.
U.S. Home Vacancy Rates (By Reason)
LendingTree noted that housing economists often use vacancy rates as a gauge of supply and demand in local housing markets. It said that higher vacancy rates can indicate weaker demand or an oversupply of housing, which may lead to a drop in home prices and rents. Lower vacancy rates, on the other hand, may signal a tighter homebuying environment in which available properties are limited relative to demand, potentially pushing prices higher.
Generally, LendingTree said, 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.
The significance of a local market’s vacancy rate depends on the unique characteristics of that market, LendingTree said.
“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 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. A key question isn’t how many homes are vacant, but how many are available for someone to buy or rent,” he said.
Vacancy Reasons Vary by State
According to the U.S. Census Bureau, a home is vacant if it’s unoccupied and habitable, but the reasons properties sit empty vary considerably by state.
In Vermont, for example, 75.8% of vacant homes are seasonal or recreational properties. As a result, 14.7% of the state’s housing units are empty during the offseason.
In the District of Columbia, meanwhile, LendingTree noted that the largest share of vacancies is tied to the rental market. Homes available for rent make up 39.4% of the district’s vacant units — the highest such share in the nation — representing 4% of all housing units.
Other states have unique vacancy patterns, too.
In Illinois, for example, 8.2% of vacant homes are listed for sale, while another 6.1% have been sold but aren’t yet occupied. In North Dakota, 2.1% of vacant units are designated for migrant workers — the highest share among all states.
A high vacancy rate driven by vacation homes may reflect a thriving seasonal tourism market, while a high share of homes available for rent or sale can point to very different housing market dynamics, LendingTree noted.
“When a large share of vacant homes are seasonal or recreational properties, it doesn’t necessarily help local families looking for housing because those homes aren’t typically available year-round,” Schulz said. “That’s very different from vacancies that are available for rent or sale, which can ease pressure on the market and give consumers more choices.
“In areas dominated by seasonal homes, housing can feel scarce despite relatively high vacancy rates on paper. For prospective buyers, that can mean fewer homes to choose from and potentially higher prices driven by limited year-round inventory.”
Maine has the Highest Vacancy Rate
Some states have vacancy rates well above the national rate of 10.1%. Maine has the country’s highest vacancy rate at 20.6%, with 154,717 vacant homes, followed by Vermont at 19.4% (65,626 homes) and Alaska at 17.6% (57,958 homes).
These states also ranked highest in our 2025 analysis of vacancy rates, LendingTree noted. Those three states serve as popular vacation and recreation destinations with large concentrations of seasonal housing that remain empty for much of the year.
By contrast, Connecticut has the nation’s lowest vacancy rate at 7%, with 107,815 homes sitting vacant. Washington follows at 7.3% (241,800 homes). California, New Jersey, and Oregon are tied for the third-lowest vacancy rate at 7.5%.
Vacancy rates and the total number of vacant homes can paint very different pictures, particularly in states with large housing inventories, LendingTree noted.
Florida is a notable example.
With a vacancy rate of 14.7% — the fifth-highest in the nation — Florida is home to roughly 1.5 million vacant units. That’s nearly as many vacant homes as the other nine states in the top 10 combined.
California and Texas tell a different story, however.
LendingTree noted that both have about 1.1 million vacant homes, even though they rank in the bottom half of states by vacancy rate. California’s 7.5% vacancy rate is tied for the third-lowest in the nation, while Texas ranks 31st at 9.4%.
In both cases, however, the sheer size of the housing supply drives the number of vacant homes, even when the share of vacant units is relatively low.
Declining Share Nationwide
LendingTree noted that the share of vacant homes nationwide declined between 2023 and 2024, falling by 0.31 percentage points from 10.4% to 10.1%. That translates to roughly 302,000 fewer vacant homes across the country.
Vacancy rates have generally moved downward over the past decade, falling from 12.5% in 2014 to 10.1% in 2024, as housing supply struggled to keep pace with demand, LendingTree said. More recently, elevated mortgage rates and high home prices have limited housing turnover, keeping inventory low.
“Falling vacancy rates often signal a tightening housing market, where available homes are being absorbed faster than new inventory is coming online,” Schulz said. “For buyers and renters, that can translate into more competition, fewer choices and less negotiating power.
“In many cases, lower vacancy rates also drive both home prices and rents higher. While every market is different, declining vacancies are often a sign that housing demand remains strong relative to supply.”
LendingTree said that several states saw above-average declines in vacancy rates over the past year.
Wyoming recorded the largest decline, with its vacancy rate falling by 1.23 percentage points. North Dakota followed with a 1.03-point decline, while Rhode Island’s vacancy rate fell by 0.72 points.
Vacancy rates fell the most in Wyoming, North Dakota and Rhode Island, LendingTree said.
In contrast, vacancy rates increased in just two places. The District of Columbia saw the biggest increase, rising 0.42 percentage points, while Oregon’s vacancy rate edged up by 0.05 points.
Lower Vacancy Rates Come With a Higher Price Tag
States with lower vacancy rates generally have higher home values. Comparing the states with the highest and lowest vacancy rates reveals a clear relationship, LendingTree said. The 11 states (because of a tie) with the lowest vacancy rates have an average median home value of $435,118. That’s $167,678 higher than the average median home value of $267,440 in the 10 states with the highest vacancy rates, LendingTree noted.
“When fewer homes are sitting vacant, housing is generally scarcer, which tends to support higher home values,” Schulz noted. “On the flip side, markets with more vacant housing often have less competition for homes and, in many cases, lower prices.”
LendingTree noted that the relationship isn’t always straightforward. Several states rank among the nation’s highest-vacancy states while having home values above the national median of $332,700.
Alaska, Florida and New Hampshire are notable examples, LendingTree said. All three states rank among the highest-vacancy states while maintaining home values above the national median.
“The outliers tell us that vacancies aren’t the only factor at play here,” Schulz says. “In Florida, for example, there are likely to be lots of seasonal vacancies, since so many people have second homes there. That demand for retirement homes or vacation properties keeps values higher despite those seasonal vacancies.”
