The United States housing market has been in the middle of a housing crunch for some time now. Between 2012 and 2022 there were 6.5 million more new households formed than homes built. Even after including multi-family units, the gap between housing units and households is 2.3 million. As the number of available homes has shrunk, prices have skyrocketed, and prospective homeowners have been forced into extreme bidding wars for properties. However, despite the general trend of a major shortage of housing in some markets, there are an estimated 1.3 million single-family homes currently sitting vacant across the country.
There are different reasons and explanations for why homes sit vacant during a housing crunch. Some of these homes are investment properties, like rental units that landlords are struggling to fill or homes that may eventually be put up for sale. In other cases, homes are simply abandoned, and the owners are either unable or unwilling to sell them.
After falling for three consecutive quarters, the national vacancy rate stands at 1.26% of all homes as of Q4 of 2022. Still, there are dozens of neighborhoods across the U.S. where vacancy rates are many times higher than the national rate – America’s ghost towns. The areas where many homes are unoccupied are also often not those in high demand.
To identify America’s 25 ghost towns, 24/7 Wall St. reviewed a report about vacancy rates from ATTOM Data Solutions, a real estate information company. The report calculated vacancy rates in the fourth quarter of 2022 in each of the 6,515 U.S. ZIP codes with at least 1,000 housing units using tax assessor data. ZIP codes in popular vacation destinations, where high vacancy rates are largely seasonal, were excluded from our analysis. We ranked here the 25 ZIP codes with the highest share of homes that are vacant.
Among the ZIP codes on this list, the share of homes sitting vacant ranges from 17.4% to over 34%. The vast majority of the ZIP codes on this list are in the Midwest, located in or around cities that have suffered for decades from economic decline. These Rust Belt communities have seen their once vibrant manufacturing sectors all but collapse and are now left with little economic opportunity and depressed real estate markets.
Based on five-year estimates from the U.S. Census Bureau’s American Community survey, all but six of the neighborhoods on this list reported population decline from 2015 to 2020. In 10 of these ZIP codes, populations have fallen by over 10% over that period. (Here is a look at the cities Americans are abandoning.)
With high vacancy rates, population decline, and limited job opportunities, home values in these areas are low. In 23 of the 25 ghost towns on this list, the typical home is worth less than $100,000, and in 12, the median home value is below $50,000. For context, the typical home nationwide is worth $229,800, according to five-year estimates from the ACS. (Here is a look at the cities with the most homes people shouldn’t live in.)
Click here to see America’s ghost towns.
25. ZIP 63120 (St. Louis, Missouri)
> Vacant homes: 579 (17.4% of all homes)
> Vacant homes statewide: 42,128 (1.9% of all homes – 7th highest)
> Homes in foreclosure: 5
> 5-yr. population change: -16.6%
> Median home value: $47,000
> Population: 7,823
[in-text-ad]
24. ZIP 48214 (Detroit, Michigan)
> Vacant homes: 1,065 (17.6% of all homes)
> Vacant homes statewide: 76,452 (2.0% of all homes – 4th highest)
> Homes in foreclosure: 4
> 5-yr. population change: +2.2%
> Median home value: $71,900
> Population: 21,317
24/7 Wall St.
23. ZIP 63115 (St. Louis, Missouri)
> Vacant homes: 1,275 (17.8% of all homes)
> Vacant homes statewide: 42,128 (1.9% of all homes – 7th highest)
> Homes in foreclosure: 4
> 5-yr. population change: -15.2%
> Median home value: $54,500
> Population: 16,504
22. ZIP 47305 (Muncie, Indiana)
> Vacant homes: 211 (17.9% of all homes)
> Vacant homes statewide: 46,251 (2.1% of all homes – 3rd highest)
> Homes in foreclosure: 3
> 5-yr. population change: -15.4%
> Median home value: $65,400
> Population: 3,373
[in-text-ad-2]
21. ZIP 96137 (Westwood, California)
> Vacant homes: 634 (18.0% of all homes)
> Vacant homes statewide: 72,044 (0.8% of all homes – 13th lowest)
> Homes in foreclosure: 3
> 5-yr. population change: -17.6%
> Median home value: $205,600
> Population: 3,076
20. ZIP 39203 (Jackson, Mississippi)
> Vacant homes: 329 (18.1% of all homes)
> Vacant homes statewide: 17,398 (1.8% of all homes – 11th highest)
> Homes in foreclosure: 1
> 5-yr. population change: +5.9%
> Median home value: $44,900
> Population: 6,689
[in-text-ad]
19. ZIP 15110 (Duquesne, Pennsylvania)
> Vacant homes: 376 (18.3% of all homes)
> Vacant homes statewide: 52,235 (1.2% of all homes – 23rd highest)
> Homes in foreclosure: 4
> 5-yr. population change: -0.4%
> Median home value: $45,200
> Population: 5,534
24/7 Wall St.
18. ZIP 48208 (Detroit, Michigan)
> Vacant homes: 389 (18.6% of all homes)
> Vacant homes statewide: 76,452 (2.0% of all homes – 4th highest)
> Homes in foreclosure: 2
> 5-yr. population change: -2.1%
> Median home value: $117,300
> Population: 9,134
17. ZIP 46406 (Gary, Indiana)
> Vacant homes: 657 (18.8% of all homes)
> Vacant homes statewide: 46,251 (2.1% of all homes – 3rd highest)
> Homes in foreclosure: 20
> 5-yr. population change: -9.1%
> Median home value: $57,800
> Population: 8,779
[in-text-ad-2]
16. ZIP 48238 (Detroit, Michigan)
> Vacant homes: 1,902 (18.8% of all homes)
> Vacant homes statewide: 76,452 (2.0% of all homes – 4th highest)
> Homes in foreclosure: 11
> 5-yr. population change: -15.4%
> Median home value: $41,000
> Population: 25,259
15. ZIP 45402 (Dayton, Ohio)
> Vacant homes: 709 (18.8% of all homes)
> Vacant homes statewide: 71,443 (1.8% of all homes – 10th highest)
> Homes in foreclosure: 28
> 5-yr. population change: +0.2%
> Median home value: $75,200
> Population: 10,119
[in-text-ad]
14. ZIP 36104 (Montgomery, Alabama)
> Vacant homes: 476 (18.9% of all homes)
> Vacant homes statewide: 31,886 (2.0% of all homes – 5th highest)
> Homes in foreclosure: 2
> 5-yr. population change: +8.2%
> Median home value: $86,100
> Population: 9,084
13. ZIP 48211 (Detroit, Michigan)
> Vacant homes: 314 (19.0% of all homes)
> Vacant homes statewide: 76,452 (2.0% of all homes – 4th highest)
> Homes in foreclosure: 2
> 5-yr. population change: -10.9%
> Median home value: $42,500
> Population: 6,086
12. ZIP 35234 (Birmingham, Alabama)
> Vacant homes: 294 (19.2% of all homes)
> Vacant homes statewide: 31,886 (2.0% of all homes – 5th highest)
> Homes in foreclosure: 1
> 5-yr. population change: +5.3%
> Median home value: $57,200
> Population: 5,545
[in-text-ad-2]
11. ZIP 48203 (Highland Park, Michigan)
> Vacant homes: 1,793 (20.3% of all homes)
> Vacant homes statewide: 76,452 (2.0% of all homes – 4th highest)
> Homes in foreclosure: 8
> 5-yr. population change: -8.5%
> Median home value: $49,100
> Population: 22,901
10. ZIP 48205 (Detroit, Michigan)
> Vacant homes: 2,926 (20.8% of all homes)
> Vacant homes statewide: 76,452 (2.0% of all homes – 4th highest)
> Homes in foreclosure: 16
> 5-yr. population change: -8.8%
> Median home value: $32,300
> Population: 33,606
[in-text-ad]
9. ZIP 63113 (St. Louis, Missouri)
> Vacant homes: 918 (21.2% of all homes)
> Vacant homes statewide: 42,128 (1.9% of all homes – 7th highest)
> Homes in foreclosure: 8
> 5-yr. population change: -5.0%
> Median home value: $67,700
> Population: 11,502
8. ZIP 48213 (Detroit, Michigan)
> Vacant homes: 1,725 (21.9% of all homes)
> Vacant homes statewide: 76,452 (2.0% of all homes – 4th highest)
> Homes in foreclosure: 5
> 5-yr. population change: -13.7%
> Median home value: $34,500
> Population: 22,030
7. ZIP 48204 (Detroit, Michigan)
> Vacant homes: 2,131 (22.5% of all homes)
> Vacant homes statewide: 76,452 (2.0% of all homes – 4th highest)
> Homes in foreclosure: 5
> 5-yr. population change: -8.2%
> Median home value: $35,500
> Population: 23,528
[in-text-ad-2]
6. ZIP 48206 (Detroit, Michigan)
> Vacant homes: 1,443 (24.3% of all homes)
> Vacant homes statewide: 76,452 (2.0% of all homes – 4th highest)
> Homes in foreclosure: 8
> 5-yr. population change: -10.3%
> Median home value: $58,200
> Population: 16,535
5. ZIP 17976 (Shenandoah, Pennsylvania)
> Vacant homes: 758 (24.7% of all homes)
> Vacant homes statewide: 52,235 (1.2% of all homes – 23rd highest)
> Homes in foreclosure: 4
> 5-yr. population change: +2.2%
> Median home value: $40,400
> Population: 6,787
[in-text-ad]
4. ZIP 46407 (Gary, Indiana)
> Vacant homes: 1,223 (27.0% of all homes)
> Vacant homes statewide: 46,251 (2.1% of all homes – 3rd highest)
> Homes in foreclosure: 9
> 5-yr. population change: -9.8%
> Median home value: $49,400
> Population: 10,885
3. ZIP 46409 (Gary, Indiana)
> Vacant homes: 1,160 (29.4% of all homes)
> Vacant homes statewide: 46,251 (2.1% of all homes – 3rd highest)
> Homes in foreclosure: 16
> 5-yr. population change: -13.7%
> Median home value: $53,700
> Population: 7,049
2. ZIP 48505 (Flint, Michigan)
> Vacant homes: 2,995 (31.0% of all homes)
> Vacant homes statewide: 76,452 (2.0% of all homes – 4th highest)
> Homes in foreclosure: 9
> 5-yr. population change: -10.1%
> Median home value: $24,600
> Population: 19,722
[in-text-ad-2]
1. ZIP 46402 (Gary, Indiana)
> Vacant homes: 709 (34.1% of all homes)
> Vacant homes statewide: 46,251 (2.1% of all homes – 3rd highest)
> Homes in foreclosure: 2
> 5-yr. population change: -1.7%
> Median home value: $64,200
> Population: 6,549
“The Next NVIDIA” Could Change Your Life
If you missed out on NVIDIA’s historic run, your chance to see life-changing profits from AI isn’t over.
The 24/7 Wall Street Analyst who first called NVIDIA’s AI-fueled rise in 2009 just published a brand-new research report named “The Next NVIDIA.”
Click here to download your FREE copy.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.