Due to the economic depression, a seemingly high percentage of homes across the U.S. are vacant. The census bureau has announced that 11.4% of all homes in the United States are vacant, but the way they calculate these percentages may actually be increasing the numbers. Vacation homes, or any properties that are not permanent residences, are considered to be vacant, so the 11.4% is not just foreclosures, but second or third residences as well. The National Association of Realtors does not agree with the inclusion of vacation homes in the vacancy percentage, especially because they make up such a large percentage of vacancies in some states. If the vacancy percentage was restricted solely to foreclosures, the percentage would drop significantly, for example, two-thirds of Maine’s vacancy rate lies in vacation homes alone. The inclusion of these extra residences only does more harm to our nation as a whole than it does good. Including these extra homes that increase the percentage of vacancies, only limits the value of homes within a particular area. Having a large number of “vacancies” surrounding a home that is on the market lowers it’s value and the price a seller may be able to get for it. Thus, this method of calculating vacancy percentage seems unfair to any seller because it limits their possible profits. The way the percentage is calculated needs to be changed to assist in the depreciation of homes in the real estate market.
Written by: Arin McGovern
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