SAN FRANCISCO—An estimated 100,025 households are vacant in the San Francisco Metro region. The number comes from a study released by LendingTree, an online service connecting consumers with lenders and banks.
The company, based in Charlotte, North Carolina, looked at the vacancy rates in the country’s 50 largest metropolitan areas. Data used to conduct the survey came from U.S. Census Bureau’s 2017 American Community Survey.
Compared to other cities, San Francisco’s vacancy is low at 5.6 percent. According to the study, of the 1.784 million households that were counted in the census region, roughly 1.684 are occupied.
Cities in the state of Florida, including Miami and Orlando, had some of the highest vacancy rates. In Miami, there were 428,000 vacant houses and the vacancy rate is 17 percent. In Orlando, it’s 16 percent and Tampa has 15 percent.
Similar to San Francisco, San Jose had one of the lowest vacancy rates in the country at 4.26 percent. Other cities with low vacancy rates included Denver at 4.96 percent and Minneapolis at 5.35 percent. The study indicated that this is the result of a growing job market and an increase in millennial homebuyers.
While San Francisco’s number of vacant homes may be low in comparison to cities in Florida, the number of homes are small compared to the number of people wanting to live in the San Francisco metro region. That leads to increases in rent and the price to purchase a home in the country.