A Detailed Look Using Vacancy Data for the State of New York
The state of New York has more than 4.1 million residential properties to its name, 47,000 of which currently sit abandoned or vacant. The state’s overall vacancy rate clocks in at 1.16% as of 2019’s fourth quarter — holding steady from Q3, when 47,624 homes were vacant.
Among properties owned by investors, the vacancy rate of properties is much higher. Of the 1 million investor-owned residential homes in the state, nearly 35,000 — or 3.39% — have been marked vacant or abandoned.
New York also sees higher vacancy rates on residential properties in some stage of foreclosure. Sometimes referred to as “zombie homes” or “zombie foreclosures,” these properties have a vacancy rate of 2.80% as of Q4 2019. That’s down slightly from the third quarter, when 2.99% of the state’s pre-foreclosure homes were marked abandoned. In total, there are almost 81,000 homes in foreclosure in the state.
Compared to national averages, New York is faring quite well in terms of abandoned properties. The state comes in below the national vacancy rate (1.16% vs. 1.55%), as well the vacancy rates on investor-owned properties (3.39% vs. 3.85%) and zombie homes (2.80% vs. 2.96%).
Here’s a snapshot of New York’s vacant and abandoned property data as of Q4 2019.
|Property Status||Vacancy Rate||Total Number of Properties|
|Vacant, pre-foreclosure zombie properties||2.80%||2,266|
|Vacant, investor-owned properties||3.39%||34,626|