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Long-term vacant housing in the United States

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  • Molloy, Raven

Abstract

Long-term vacancy—defined as nonseasonal housing units that have been vacant for an unusually long period of time—is a useful measure of excess supply in the housing market. In fact, long-term vacancy is more strongly correlated with indicators of housing market distress than standard measures of vacancy. At the national level, long-term vacancy is relatively uncommon. However, the stock of long-term vacant housing is concentrated in a small number of neighborhoods with high long-term vacancy rates. Some of these neighborhoods have characteristics suggestive of overbuilding during the housing boom, while others have characteristics symptomatic of persistently weak housing demand.

Suggested Citation

  • Molloy, Raven, 2016. "Long-term vacant housing in the United States," Regional Science and Urban Economics, Elsevier, vol. 59(C), pages 118-129.
    • Handle: RePEc:eee:regeco:v:59:y:2016:i:c:p:118-129
    DOI: 10.1016/j.regsciurbeco.2016.06.002
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    References listed on IDEAS

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    Cited by:

    1. Eric Tate & Md Asif Rahman & Christopher T. Emrich & Christopher C. Sampson, 2021. "Flood exposure and social vulnerability in the United States," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 106(1), pages 435-457, March.
    2. Masatomo Suzuki & Yasushi Asami, 2019. "Shrinking metropolitan area: Costly homeownership and slow spatial shrinkage," Urban Studies, Urban Studies Journal Limited, vol. 56(6), pages 1113-1128, May.
    3. Jeffrey P. Cohen & Cletus C. Coughlin & Jonas C. Crews, 2018. "Interregional Migration and Housing Vacancy: Theory and Empirics," Working Papers 2018-007, Federal Reserve Bank of St. Louis, revised 16 Oct 2020.
    4. Kanayama, Yuki & Sadayuki, Taisuke, 2021. "What types of houses remain vacant? Evidence from a municipality in Tokyo, Japan," Journal of the Japanese and International Economies, Elsevier, vol. 62(C).
    5. Hiroyuki Usui & Joan Perez, 2022. "Are patterns of vacant lots random? Evidence from empirical spatiotemporal analysis in Chiba prefecture, east of Tokyo," Environment and Planning B, , vol. 49(3), pages 777-793, March.
    6. Oliver Lerbs & Jonas Neubacher & Markus Teske, 2017. "Wohnungsleerstand in Ostdeutschland: Begünstigende Faktoren, kleinräumige Trends und Auswirkungen auf Marktwerte," ifo Dresden berichtet, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 24(02), pages 12-20, April.
    7. Suzuki, Masatomo & Hino, Kimihiro & Muto, Sachio, 2022. "Negative externalities of long-term vacant homes: Evidence from Japan," Journal of Housing Economics, Elsevier, vol. 57(C).
    8. Cheshire, Paul & Hilber, Christian A.L. & Koster, Hans R.A., 2018. "Empty homes, longer commutes: The unintended consequences of more restrictive local planning," Journal of Public Economics, Elsevier, vol. 158(C), pages 126-151.
    9. Carolin Fritzsche & Lars Vandrei, 2018. "Causes of Vacancies in the Housing Market – A Literature Review," ifo Working Paper Series 258, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    10. Jing Li & Meng Guo & Kevin Lo, 2019. "Estimating Housing Vacancy Rates in Rural China Using Power Consumption Data," Sustainability, MDPI, vol. 11(20), pages 1-13, October.
    11. Hayoung Yoo & Heeyeun Yoon, 2021. "The Effect of Green Characteristics in Reducing the Inventory of Unsold Housing in New Residential Developments—A Case of Gyeonggi Province, in South Korea," Land, MDPI, vol. 10(4), pages 1-18, April.
    12. Li, Jing & Lo, Kevin & Zhang, Pingyu & Guo, Meng, 2021. "Reclaiming small to fill large: A novel approach to rural residential land consolidation in China," Land Use Policy, Elsevier, vol. 109(C).
    13. Younghoon Lee & Sanghyo Lee & Jaejun Kim, 2017. "Analysis of the Dynamic Relationship between Fluctuations in the Korean Housing Market and the Occurrence of Unsold New Housing Stocks," Sustainability, MDPI, vol. 9(1), pages 1-23, January.
    14. Masatomo Suzuki & Yasushi Asami, 2020. "Shrinking housing market, long-term vacancy, and withdrawal from housing market," Asia-Pacific Journal of Regional Science, Springer, vol. 4(3), pages 619-638, October.

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