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Vacant houses can destroy property values for surrounding homeowners and drag down the appeal of entire neighborhoods – and a new report identifies the U.S. cities where the problem is most significant.
A high vacancy rate can also indicate the availability of more affordable homes – or signal that many residences are second home getaways (as is the case in much of Florida).
Researchers - LendingTree - Nation - Cities - Homeowner
Researchers at LendingTree ranked the nation's 50 biggest cities on their homeowner vacancy rates, finding that the top three cities were all in the Sunshine State.
'High vacancy rates and high homes prices often suggest that an area has some unique characteristics, such as being a vacation hot spot or targeted by investors, which could mean the real estate is overpriced,' said Tendayi Kapfidze, Chief Economist at LendingTree.
Vacancy - Rates - Home - Prices - Area
'High vacancy rates and low home prices might mean that an area is experiencing socioeconomic hardships, like high unemployment or crime rates,' he added.
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Miami - Number - List - Homes - City
Miami ranked number one on the list with 428,255 unoccupied homes in the city, for a 17 percent vacancy rate.
Orlando, Florida followed, with 158,569 unoccupied properties for a nearly 16 percent vacancy rate. Similarly, Tampa, Florida had a 15.3 percent vacancy rate.
Las - Vegas - Vacancy - Rate - Birmingham
Las Vegas ranked fourth, with a 14.6 percent vacancy rate, followed by Birmingham, Alabama (13.9 percent), Jacksonville, Florida (13.4 percent) and New Orleans (13.3 percent.
Riverside, California ranked eighth (13.2 percent), followed by Phoenix (13.1 percent) and Memphis, Tennessee (12.4 percent).
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