US Census Bureau Quarterly Residential Vacancies and Homeownership Report Released for 2022Q4

The US Census Bureau on Tuesday (1-31-23) released its Quarterly Residential Vacancies and Homeownership report for 2022Q4.

According to the report, the homeownership rate of 65.9% in 2022Q4 was little changed from the 2021Q4 rate of 65.5%. The rate in the West was higher than the 2021Q4 rate, while the rates in the Northeast, Midwest, and South were not statistically different.

In 2022Q4, the median asking sales price for vacant for-sale units was $284,000.

Approximately 89.9% of the housing units in the US were occupied and 10.1% were vacant in 2022Q4. Owner-occupied housing units made up 59.2% of total housing units, while renter-occupied units made up 30.7% of the inventory. Vacant year-round units comprised 7.6% of total housing units, while 2.5% were vacant for seasonal use. Approximately 1.9% of the total units were vacant for rent, 0.5% were vacant for sale only, and 0.6% were rented or sold but not yet occupied. Vacant units that were held off-market comprised 4.6% of the total housing stock—1.4% 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.

The rental vacancy rate of 5.8% was little changed from the 2021Q4 rate of 5.6%. The rates in all four reporting regions were not statistically different from a year ago. The rental vacancy rates were higher in the South at 7.3% and Midwest at 6.9%, compared to the West at 4.2% and the Northeast at 3.9%.

In the 2022Q4, the median asking rent for vacant for-rent units was $1,322.