A Detailed Look Using Vacancy Data for the State of Illinois
There are nearly 4 million residential properties in the state of Illinois. As of the fourth quarter of 2019, 1.88% of those sat vacant. That amounts to more than 74,000 vacant or abandoned properties statewide. The number of vacant properties declined slightly over 2019’s third quarter.
Abandoned property rates are higher on homes in some stage of the foreclosure process (often called “zombie homes” or “zombie foreclosures.”) Of the 21,980 properties in pre-foreclosure during Q4 2019, 892 — or 4.06% — were marked vacant or abandoned. That’s down slightly from Q3, when 985 zombie properties (4.35%) were vacant.
On properties owned by investors, the vacancy rate is even higher, with 5.42% of the state’s 831,000 investor-owned homes deemed abandoned or vacant. That comes out to more than 45,000 investor-owned abandoned properties as of Q4 2019.
The state of Illinois surpassed the national vacancy rate on all three levels — overall, on investor-owned properties, and on zombie homes. As a whole, the U.S. has a vacancy rate of 1.55% (vs. Illinois’ 1.88%). On investor-owned properties, the nation has a 3.85% vacancy rate (vs. Illinois’ 5.42%), and on zombie foreclosures, the national average is 2.95% (vs. Illinois’ 4.06%).
Here’s the full break-down on vacant, abandoned, and zombie properties in Illinois as of Q4 2019.
|Property Status||Vacancy Rate||Total Number of Properties|
|Vacant, pre-foreclosure zombie properties||4.06%||892|
|Vacant, investor-owned properties||5.42%||45,068|