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recent study from LendingTree found that there are millions of vacant properties in the US, with 5.6 million homes unoccupied across the nation's 50 largest metros. On average, 7.37% of homes in these areas are currently empty. This raises questions about the notion of a housing shortage driving high home prices.

    However, LendingTree senior economist Jacob Channel notes that just because there are millions of vacant properties doesn't mean the US has an overabundance of housing. Channel explains that many vacant homes are unoccupied for reasons beyond being uninhabitable, such as being offered for rent or used for seasonal or recreational purposes.

    The top three reasons units are vacant are:

    1. Rental vacancy: With rental inventory recovering in many markets, more rentals sit empty waiting to be rented.

    2. Seasonal or occasional use: Properties are used on weekends, for vacations, or other occasions, and interval ownership units like timeshares.

    3. Personal/family reasons: Owners may not want to rent or sell the property, or it's being kept for family usage.

    Despite these vacant properties, Channel notes that more nuanced factors influence housing prices, such as location, mortgage rates, square footage, and how long homes sit empty. Rental vacancy has increased in recent years, but homeowner vacancy remains near historic lows at 0.9%.

    The top five metros with the highest vacancy rates are:

    1. New Orleans, LA (14.50%)

    2. Miami, FL (12.92%)

    3. Tampa, FL (11.81%)

    4. Birmingham, AL (11.26%)

    5. Memphis, TN (10.35%)

    In contrast, only five of the top 50 metros have vacancy rates below 5.0%, with the most common reason for vacancy being that the housing unit is for rent. These include Portland, OR; Minneapolis, MN; Washington, DC; Salt Lake City, UT; and Austin, TX.