, Fla. — Florida has approximately 1.5 million vacant homes, giving the state one of the highest residential vacancy rates in the country, according to a new analysis.
LendingTree examined U.S. Census Bureau data and found that 14.7% of Florida’s housing units are vacant. That is the fifth-highest rate in the nation.
Only Maine, Vermont, Alaska and West Virginia had higher percentages of vacant homes.
Florida has 10.3 million total housing units, meaning approximately 1.5 million were classified as vacant. That is nearly as many vacant homes as the other nine states in the top 10 combined.
Why vacant does not always mean available
A vacant home is not necessarily available for someone to buy or rent.
The Census Bureau’s definition includes vacation homes, seasonal residences, properties that have been sold or rented but are not yet occupied, and homes being held off the market.
Nationwide, approximately 4.7 million vacant homes are used seasonally or recreationally. Another 2.6 million are available to rent, while fewer than 800,000 are listed for sale.
Florida’s large number of vacation homes and seasonal residents likely contributes to its elevated vacancy rate.
“In Florida, for example, there are likely to be lots of seasonal vacancies, since so many people have second homes there,” LendingTree chief consumer finance analyst Matt Schulz said. “That demand for retirement homes or vacation properties keeps values higher despite those seasonal vacancies.”
Florida home values remain above national median
States with higher vacancy rates generally have lower home values, according to the analysis. Florida is one of the notable exceptions.
Florida’s median home value was listed at $359,000, above the national median of $332,700.
That means the state maintains relatively high property values despite having one of the country’s highest vacancy rates.
“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,” Schulz said. “However, as our report shows, not all vacant homes are available to people looking for housing.”
National vacancy rate declines
Approximately 14.5 million homes across the United States were vacant, representing 10.1% of the nation’s housing supply.
The national vacancy rate declined from 10.4% in 2023 to 10.1% in 2024, a reduction of approximately 302,000 vacant homes.
LendingTree based its analysis on the Census Bureau’s 2024 American Community Survey five-year estimates.
Click here to read the complete study and see how every state ranked.
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