A Detailed Look Using Vacancy Data for the State of Pennsylvania
Pennsylvania lays claim to nearly 4.2 million residential properties. As of 2019’s fourth quarter, more than 53,000 of those homes were marked vacant properties or abandoned, accounting for 1.27% of all residential properties in the state. The vacancy rate holds steady from Q3 2019, when 53,053 homes were deemed abandoned in PA.
Rates of abandoned properties are higher on investor-owned homes. In total, the state of Pennsylvania has more than 1 million investor-owned properties within its borders. At the close of 2019, 38,691 of those homes (or 3.71%) were marked vacant.
Currently, more than 14,000 residential properties in Pennsylvania are in some stage of foreclosure. Of these, 304 — or 2.17% — are abandoned. Sometimes referred to as “zombie properties” or “zombie foreclosures,” the number of these homes is actually on the decline. In Q3 2019, Pennsylvania had 371 zombie homes, accounting for 2.52% of all properties in foreclosure.
Overall, Pennsylvania’s vacancy rates come in lower than all national averages. The country’s vacant property rate currently sits at 1.55% (vs. PA’s 1.27%), while its rate on investor-owned properties is 3.85% (vs. PA’s 3.71%). Pennsylvania also has a lower rate of zombie foreclosures at 2.17% vs. the nation’s 2.96% average.
|Property Status||Vacancy Rate||Total Number of Properties|
|Vacant, pre-foreclosure zombie properties||2.17%||304|
|Vacant, investor-owned properties||3.71%||38,691|