A Detailed Look Using Vacancy Data for the State of Florida
The state of Florida has nearly 6.9 million residential properties within its borders. As of the fourth quarter of 2019, more than 148,000 of those had been marked vacant properties or abandoned. That’s a vacancy rate of 2.16% for the quarter, holding steady from the state’s Q3 2019 rate, but significantly higher than the national average of 1.55%.
When it comes to zombie properties — or vacant homes in some stage of the foreclosure process — the rate of vacancy was even higher. There were a total of 1,461 zombie foreclosures in Florida in Q4 2019, accounting for 3.78% of all homes in the state. The rate of zombie homes was actually down for the quarter, dipping from the 3.99% rate seen in Q3 2019.
Florida’s investment-owned properties also saw higher rates of vacancy. In Q4 2019, 5.24% of all investor-owned homes were marked vacant. That adds up to more than 108,000 properties Florida-wide.
In total, the U.S. saw more than 1.5 million properties marked vacant or abandoned for the quarter. Florida alone accounted for almost a full percent of those. The property vacancy rate for the entire country was 1.55% in the fourth quarter of 2019. Florida’s rate came in more than 0.60% higher. Other states with higher-than-average vacancy rates included Ohio, Michigan, Georgia, and Illinois.
Here’s the full break-down on vacant, abandoned, and zombie properties in Florida as of Q4 2019.
|Property Status||Vacancy Rate||Total Number of Properties|
|Vacant, pre-foreclosure zombie properties||3.78%||1,461|
|Vacant, investor-owned properties||5.24%||108,199|