U.S. Census Bureau’s Residential Vacancies & Home Ownership Report for Q1 2024

The U.S. Census Bureau on Tuesday (4-30-24), released its Residential Vacancies and Home Ownership report covering Q1 2024. According to the report national vacancy rates in Q1 2024 were 6.6% for rental housing and 0.8% for homeowner housing. The rental vacancy rate was not statistically different from the rate in Q1 2023 when it was at 6.4%, and virtually the same as the rate in the Q4 2023 reported as 6.6%.

The homeowner vacancy rate of 0.8% was virtually the same as the rate in Q1 2023 of 0.8% and not statistically different from the rate in Q4 202, reported as 0.9%. The homeownership rate of 65.6 percent was not statistically different from the rate in Q1 2023 reported as 66.0% and not statistically different from the rate in Q4 2023 of 65.7%.

The Census Bureau is reporting than in Q1 2024 the median asking rent for vacant for rent units was $1,469. In Q1 2024, the median asking sales price for vacant for sale units was $334,800.

Finally, the Census Bureau is reporting that approximately 89.6% of the housing units in the United States in Q1 2024 were occupied and 10.4% were vacant. Owner-occupied housing units made up 58.8% of total housing units, while renter-occupied units made up 30.8% of the inventory. Vacant year-round units comprised 7.9% of total housing units, while 2.5% were vacant for seasonal use. Approximately 2.2% of the total units were vacant for rent, 0.5% were vacant for sale only and 0.5% were rented or sold but not yet occupied. Vacant units that were held off market comprised 4.7% of the total housing stock – 1.5% were for occasional use, 0.8% were temporarily occupied by persons with usual residence elsewhere (URE) and 2.5% were vacant for a variety of other reasons.