West Virginia Faces High Home Vacancy Rates, According to New Study
West Virginia has one of the highest home vacancy rates in the United States, according to a recent analysis by LendingTree. The state ranks fourth nationally with a vacancy rate of 16.08%. Out of a total of 859,653 housing units in the state, 138,205 are currently vacant. This leaves approximately 721,448 homes occupied by residents. The median home value in West Virginia is $155,600, significantly lower than the national median of $322,180.
The study examined home vacancy rates across the country, offering insights into trends related to housing demand, supply, and property values. It revealed that only three states—Maine, Vermont, and Alaska—have higher vacancy rates than West Virginia. Maine leads the list with a staggering 21.09% vacancy rate, followed closely by Vermont at 20.06%, and Alaska at 18.24%.
In contrast, states like Washington, Oregon, and Connecticut have the lowest vacancy rates, all below 7.6%. These areas typically experience strong housing demand and higher property values. Nationwide, vacancy rates saw a decline in nearly every state from 2022 to 2023, except for Washington. The national average vacancy rate now stands at 10.43%, with about 14.85 million vacant homes spread across more than 142 million housing units.
The report also highlighted a correlation between vacancy rates and home values. In the 10 states with the lowest vacancy rates, the average median home value exceeds $400,000. On the other hand, in the 10 states with the highest vacancy rates—including West Virginia—the average is under $250,000.
Matt Schulz, LendingTree’s Chief Consumer Finance Analyst, emphasized that not all vacant homes signal economic distress. Some may be second homes or properties that have recently been sold but are still waiting for occupants. However, he also pointed out the importance of maintaining a balanced housing market.
Too few vacancies can make it difficult for renters to find affordable housing, while too many could indicate declining demand and slower economic growth. Schulz stressed that understanding these dynamics is essential for policymakers and homeowners alike.
The findings from this study offer valuable insights into the current state of the housing market across the U.S. They underscore the need for careful monitoring of vacancy rates and their impact on local economies and real estate values. As the housing landscape continues to evolve, staying informed about these trends will be crucial for both individuals and communities.
