The Top 5 Emptiest Cities in America

With the bursting of the recent housing bubble in the late 2000 comes the spike in vacant homes. According to the Census Bureau, vacant properties have increased by 44% across the nation since the year 2000, most of which belong to the unoccupied rental property category. In fact, the total gross vacancy rate as of 2011 has increased to 10.6%.

So, if you are a real estate investor looking to acquire more properties to generate rental income, then it would help you a lot to know which cities in America have the highest vacancy rate. Below are the top five emptiest cities in the country, based on their 12-month averages.

5. Richmond, Virginia

Rental Vacancy Rate: 15%

Homeowner Vacancy Rate: 2.4%

The 15% rental vacancy rate of Virginia's capital is the fourth highest among major cities in the country. In addition, figures that came out for the first quarter of 2012 show a whopping 19% rental vacancy rate. On a brighter note, home vacancy rate sits lower at 2.4%.

4. Detroit, Michigan

Rental Vacancy Rate: 16.9%

Homeowner Vacancy Rate: 1.7%

With an unemployment rate of 10%, Detroit is definitely gravely hit by the recent recession. Amazingly, the homeowner vacancy rate is below the nation's average of 2.18%.

3. Memphis, Tennessee

Rental Vacancy Rate: 15%

Homeowner Vacancy Rate: 3%

Tennessee's 15% rental vacancy rate is the fifth highest in the country, while its homeowner vacancy rate of 3% is the 13th highest.

2. Dayton, Ohio

Rental Vacancy Rate: 11.3%

Homeowner Vacancy Rate: 5.4%

Dayton City holds the record for the highest homeowner vacancy rate in the country. The good news is, their 5.4% average vacancy rate is much lower than the Q3 2011 rate of 6.5%.

1. Orlando, Florida

Rental Vacancy Rate: 18.8%

Homeowner Vacancy Rate: 2.2%

At 18.8% rental vacancy rate, Orlando in Florida is the nation's most vacant city. In fact the first quarter of 2012 shows a higher figure at 22%. On the bright side, other economic indicators in Orlando seem to be better than the other states. The city keeps $125 million cash as a general fund and has over $1.1 billion total assets.

Which Cities Have The Fastest Selling Homes? – Part 2

In my previous post, I showed a Realtor.com research that shows the top places in the US with the fastest turnover when it comes to selling houses. Bakersfield came in 5th at 44 days while Fresno, California is 4th at 43 days. However, both these towns do not look good in terms of economic conditions. Anchorage, on the other hand, enjoys a 43-day turnover rate, partly due to fewer supply of houses available in the market.

Below are the top 2 cities with the fastest-selling homes.

2. Denver, Colorado

Average number of days on market: 33
Median home price: $269,000
Population: 2,543,482
Unemployment: 7.5%

One of the few metropolis that saw a huge improvement in turnover rate is Denver, Colorado, up by 10% this year. Note that Denver was among the cities that were least affected by the housing bubble a few years ago. However, house prices in Denver are not expected to rise anytime – just a 0.6% projected increase from this year to next, versus 4.2% in the US.

1. Oakland, California

Average number of days on market: 24
Median home price:$379,000
Population: 4,335,391
Unemployment: 9.5%

Also in California, the hottest houses are located in Oakland where it only takes 24 days for properties to be sold. It’s a 9-day gap vesus the 2nd fastest-selling houses in Denver. Also, the median price of $379,000 is the 12th highest in the country, despite the 46% drop from its peak in the first quarter of 2006. Nevertheless, economic conditions in Oakland are still far better than in Bakersfield and Fresno.

Remember though, that this is just a rough guide and turnover rates in the report change rapidly. What might be a fast-selling home this year may not have the same turnover rate the following year. In addition, other information such as house prices, unemployment rate, and other economic indicators in the area have to be considered before making decisions.

Which Cities Have The Fastest Selling Homes? – Part 1

Wondering where in the United States can you buy and sell a property at the shortest amount of time? Are you a real estate investor who specializes in flipping properties? Then you’ve come to the right place. Realtor.com has done a research providing information on which cities have the fastest selling homes. Here we list down the top five cities to go if you want to flip properties fast.

5. Bakersfield, California

Average number of days on market: 44
Median home price: $149,500
Population: 839,631
Unemployment: 14%

Though one of the places with fastest-selling homes, Bakersfield California has the 23rd lowest median home price, and the lowest in the list. Also, the unemployment rate of 14% is significantly higher than neighboring town, San Francisco’s 7.5% and the United State’s 8.2%. Nevertheless, the rate at which this place is able to sell homes is still remarkable.

4. Fresno, California

Average number of days on market: 43
Median home price:$174,900
Population: 930,450
Unemployment: 15.5%

Similar to Bakersfield, the median home price in Fresno is also among California’s lowest and the unemployment rate among the highest, but is up by 10% versus previous year. On a brighter note, the 43 days turnover rate is a 14% improvement compared to a year ago.

3. Anchorage, Alaska

Average number of days on market: 43
Median home price: $289,500
Population: 380,821
Unemployment: 6%

Well, house hunters don’t really have much option here as there are only 1,120 houses on the market. Meanwhile, the economy of Anchorage is one of the best, having the 23rd highest median price and 22nd lowest unemployment rate in the country.

The top two fastest-selling cities will be discussed in my next post. Which cities do you think tops Realtor.com’s list?