Homeowner Vacancy Rates Surge in Dayton and Florida Metros, Census Data Shows

U.S. Census Bureau data from the fourth quarter of 2024 reveals a significant increase in homeowner vacancy rates—the percentage of homeowner inventory that is unoccupied and for sale—in several major metropolitan areas, with Dayton, Ohio, experiencing the most dramatic rise. This analysis of the 75 largest metros shows that four of the top five areas with the largest increases are in Florida, highlighting a regional trend driven by shifting market dynamics.

What Is Driving the High Vacancy Rate in Dayton, Ohio?

Dayton topped the list with a home vacancy rate of 5% by the end of 2024, a surge of more than 4 percentage points from pre-pandemic levels. This is notable because Dayton also maintains high homeownership rates. This combination suggests a market mismatch where the available vacant homes may not align with what potential buyers are seeking. According to analysis, median home prices in Dayton increased by approximately $80,000 from the end of 2019 to the end of 2024, rising from $158,000 to $236,000. This significant price appreciation, coupled with cooled buyer demand, has left a higher share of properties unoccupied.

Why Are Florida Metros Experiencing a Rise in Empty Homes?

Four Florida metropolitan areas ranked among the top five for increases in homeowner vacancy rates since 2019.

• Tampa, Clearwater, St. Petersburg: This metro area saw a vacancy rate of 2.9% in late 2024, a sizable 1.8 percentage point increase from five years prior.
• Orlando: The vacation hub experienced the third-largest uptick, with its share of empty homes reaching 3.3%.
• Cape Coral, Fort Myers: Vacancies here saw the fourth-largest upswing, reaching 1.7% at the close of 2024.
• Miami: Florida's second-largest city rounded out the top five, with 2.6% of its housing stock standing empty.

The primary drivers for Florida include a significant jump in housing inventory, rising insurance premiums, high overall housing costs, and changing buyer preferences. The state saw a peak of 177,000 for-sale listings in March 2024, contributing to the climb in vacancy rates.

Which Metros Saw Declining Vacancy Rates?

In contrast, nearly four dozen metros saw their homeowner vacancy rates fall from pre-COVID levels. The most significant decreases were concentrated outside of the Sun Belt, demonstrating varied regional recoveries. Leading the decline were:

• Albany, NY (-2.5%)
• Little Rock, AR (-2.2%)
• Kansas City, MO (-1.8%)
• Austin, TX (-1.7%)
• St. Louis, MO (-1.5%)

These areas have generally seen stronger buyer demand relative to housing supply, preventing a buildup of vacant inventory.

A rising homeowner vacancy rate can signal a slowing local housing market. For communities, high rates of unoccupied homes can correlate with challenges for property values and neighborhood vitality. For buyers, it may indicate a market with more negotiating power, but it is essential to research the underlying causes, such as local economic conditions or property tax structures. Investors and homeowners should monitor these trends through official sources like the U.S. Census Bureau to make informed decisions based on current, verifiable data.