FOR RELEASE AT 10:00 AM EST, Tuesday, July 27, 2021 QUARTERLY RESIDENTIAL VACANCIES AND HOMEOWNERSHIP, SECOND QUARTER 2021 Release Number: CB21-108 Announcement: Due to the coronavirus pandemic (COVID-19), data collection operations for the CPS/HVS were slightly affected during the second quarter of 2021, though to a much lesser extent than last year, as in-person interviews were allowed for 99 percent of the country. The remaining interviews were conducted over the telephone. If the Field Representative was unable to get contact information on the sample unit, the unit was made a Type A noninterview (no one home, refusal, etc). We are unable to determine the extent to which this data collection change affected our estimates. See the FAQ for more information. July 27, 2021 — The U.S. Census Bureau announced the following residential vacancies and homeownership statistics for the second quarter 2021.: RESIDENTIAL VACANCIES Figure 1 12 Quarterly Rental and Homeowner Vacancy Rates for the United States: 1998-2021 AND HOMEOWNERSHIP 11 Rental Vacancy Rate Recession SECOND QUARTER 2021 10 9 Rental Vacancy Rate 6.2% 8 7 Homeowner Vacancy Rate 0.9% 6 Percent 5 Homeownership Rate 65.4% 4 3 Homeowner Vacancy Rate 2 Next release: October 26, 2021 1 Data are not adjusted for seasonality. 0 Source: U.S. Census Bureau, 1998 2003 2008 2013 2018 2021 Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, July 27, 2021 Current Population Survey/Housing Vacancy Survey, July 27, 2021 Recession data: National Bureau of Economic Research, <www.nber.org> National vacancy rates in the second quarter 2021 were 6.2 percent for rental housing and 0.9 percent for homeowner housing. The rental vacancy rate was 0.5 percentage points higher than the rate in the second quarter 2020 (5.7 percent) and 0.6 percentage points lower than the rate in the first quarter 2021 (6.8 percent). The homeowner vacancy rate of 0.9 percent was virtually the same as the rate in the second quarter 2020 (0.9 percent) and virtually the same as the rate in the first quarter 2021 (0.9 percent). The homeownership rate of 65.4 percent was 2.5 percentage points lower than the rate in the second quarter 2020 (67.9 percent) and not statistically different from the rate in the first quarter 2021 (65.6 percent). Data users should see the FAQ regarding statistical comparisons to quarters affected by the COVID-19 pandemic. Table 1. Rental and Homeowner Vacancy Rates for the United States: 2018 to 2021 Rental Vacancy Rate (percent) Homeowner Vacancy Rate (percent) Year First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter 2021…… 6.8 6.2 0.9 0.9 2020…… 6.6 5.7 6.4 6.5 1.1 0.9 0.9 1.0 2019…… 7.0 6.8 6.8 6.4 1.4 1.3 1.4 1.4 2018…… 7.0 6.8 7.1 6.6 1.5 1.5 1.6 1.5 All comparative statements in this report have undergone statistical testing, and unless otherwise noted, all comparisons are statistically significant at the 90 percent significance level. For an explanation of how the rates are calculated, please see the Explanatory Notes at the end of the press release. Explanations of confidence intervals and sampling variability can be found on the CPS/HVS website at: <www.census.gov/housing/hvs> Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, July 27, 2021. Data Inquiries Media Inquiries Social, Economic & Housing Statistics Division, Financial & Market Characteristics Branch Public Information Office 301-763-3199 / Robert Callis / Patricia Holley / Daniel Truver 301-763-3030 [email protected] [email protected] In the second quarter 2021, the median asking rent for vacant for rent units was $1,228. Figure 2 Median Asking Rent for Vacant for Rent Units: 1997-2021 (Current Dollars) Dollars ($) Recession 1300.0 1200.0 1100.0 1000.0 900.0 800.0 700.0 600.0 500.0 400.0 1997 2001 2005 2009 2013 2017 2021 Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, July 27, 2021 Recession data: National Bureau of Economic Research, <www.nber.org> In the second quarter 2021, the median asking sales price for vacant for sale units was $238,600. Figure 3 Median Asking Sales Price for Vacant for Sale Units: 1997-2021 Dollars ($) (Current Dollars) 250,000 Recession 225,000 200,000 175,000 150,000 125,000 100,000 75,000 50,000 1997 2001 2005 2009 2013 2017 2021 Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey July 27, 2021 Recession data: National Bureau of Economic Research, <www.nber.org> 1. Median asking rent and median asking sales price data for vacant units can be found in Historical Table 11A/B at <www.census.gov/housing/hvs/data/histtabs> 2. The data in figures 2 and 3 are not adjusted for price changes. Data Inquiries Media Inquiries Social, Economic & Housing Statistics Division, Financial & Market Characteristics Branch Public Information Office 301-763-3199 / Robert Callis / Patricia Holley / Daniel Truver 301-763-3030 [email protected] [email protected] The rental vacancy rate outside MSAs (6.9 percent) was higher than the rate in the suburbs (5.4 percent). The rate in principal cities (6.7 percent) was also higher than the rate in the suburbs. The rate in principal cities was not statistically different from the rate outside MSAs. The rate in principal cities was higher than the second quarter 2020 rate, the rate outside MSAs was lower than the second quarter 2020 rate, but the rate in the suburbs was not statistically different from the second quarter 2020 rate. The homeowner vacancy rate in principal cities (1.1 percent) was higher than the rate in the suburbs (0.8 percent) but not statistically different from the rate outside MSAs (0.9 percent). The rate outside MSAs was not statistically different from the rate in the suburbs. The rates in all areas were not statistically different from the second quarter 2020 rates. The rental vacancy rate was lowest in the West (4.8 percent), followed by the Northeast (5.6 percent). The rates were highest in the South (6.9 percent) and Midwest (7.3), and these two regions were not statistically different from each other. The rates in the Northeast and West were higher than their second quarter 2020 rates. The rates in the Midwest and South were not statistically different from the second quarter 2020 rates. The homeowner vacancy rate in the South (1.0 percent) was higher than the rate in the Midwest (0.7 percent). The rate in the Midwest is also lower than the rate in the Northeast (0.9 percent). The rate in the West was 0.8 percent. There were no other statistically significant differences between the regions. The rates in all regions were not statistically different from the second quarter 2020 rates. Table 2. Rental and Homeowner Vacancy Rates by Area and Region: Second Quarter 2020 and 2021 Rental Vacancy Rates (percent) Homeowner Vacancy Rates (percent) Margins of Errora Margins of Errora Area/Region Second Second Second Second Quarter Quarter of of Quarter Quarter of of 2020 2021 2021 rate difference 2020 2021 2021 rate difference United States.....…..….. 5.7 6.2 0.2 0.3 0.9 0.9 0.1 0.1 Inside Metropolitan Statistical Areas....….... 5.4 6.1 0.3 0.3 0.8 0.9 0.1 0.1 ...In principal cities….… 5.6 6.7 0.4 0.5 1.0 1.1 0.2 0.2 ...Not in principal ...cities (suburbs) ……... 5.3 5.4 0.4 0.5 0.8 0.8 0.1 0.1 Outside Metropolitan Statistical Areas ………. 8.2 6.9 0.8 1.0 1.0 0.9 0.2 0.2 Northeast.........……..... 4.2 5.6 0.5 0.7 0.9 0.9 0.2 0.2 Midwest...........…...….. 6.8 7.3 0.7 1.0 0.7 0.7 0.1 0.2 South...............………… 7.4 6.9 0.4 0.6 1.0 1.0 0.1 0.2 West................………… 3.8 4.8 0.4 0.6 0.7 0.8 0.1 0.2 aA margin of error is a measure of an estimate’s reliability. The larger the margin of error in relation to the size of the estimate, the less reliable the estimate. This number, when added to and subtracted from the estimate, forms the 90 percent confidence interval. Data Inquiries Media Inquiries Social, Economic & Housing Statistics Division, Financial & Market Characteristics Branch Public Information Office 301-763-3199 / Robert Callis / Patricia Holley / Daniel Truver 301-763-3030 [email protected] [email protected] Approximately 89.0 percent of the housing units in the United States in the second quarter 2021 were occupied and 11.0 percent were vacant. Owner-occupied housing units made up 58.2 percent of total housing units, while renter-occupied units made up 30.8 percent of the inventory in the second quarter 2021. Vacant year-round units comprised 8.3 percent of total housing units, while 2.7 percent were vacant for seasonal use. Approximately 2.1 percent of the total units were vacant for rent, 0.5 percent were vacant for sale only and 0.8 percent were rented or sold but not yet occupied. Vacant units that were held off market comprised 5.0 percent of the total housing stock – 1.4 percent were for occasional use, 0.8 percent were temporarily occupied by persons with usual residence elsewhere (URE) and 2.8 percent were vacant for a variety of other reasons.