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More than 300,000 vacant lots listed for sale could help ease America's housing shortage, according to a new study by Zillow.
The real estate company said 300,242 vacant acres of five acres or less were listed for sale on Zillow in June, making up 17.4% of all listings for sale.
Building one home per neighborhood would reduce the national housing shortage from 4.7 million to 4.44 million, a 6.3% decrease, Zillow said.
The average lot for sale is 0.57 acres and has a median price of $79,000. Zillow said many parcels may be large enough to support more than one home, which makes their rating more reasonable.
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The average lot for sale is 0.57 acres and has a median price of $79,000. (Dave Zajac/Connecticut Post via Getty Images)
“The more than 300,000 properties currently listed for sale represent the low-hanging fruit of a two-decade-old housing shortage,” said Zillow Senior Economist Kara Ng.
Ng said that loosening zoning regulations, simplifying permits and increasing access to finance could reduce the costs and uncertainties associated with construction.
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Ng said that loosening zoning regulations, simplifying permits and increasing access to finance could reduce the costs and uncertainties associated with construction. (Lindsey Nicholson/UCG/Universal Images Group via Getty Images)
Florida had the most vacant lots listed for sale, with 42,601, followed by Texas with 40,907, California with 18,508, North Carolina with 14,226 and Georgia with 10,334.
Vacant lots made up the largest share of for-sale listings in North Dakota, at 45.9%, followed by South Dakota at 38.7% and Alaska at 34.6%.
Rural markets had the highest number of vacancies, accounting for 25.3% of listings, compared to 13.6% in urban areas and 9% in urban markets.
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Building one home per neighborhood would reduce the national housing shortage from 4.7 million to 4.44 million, a 6.3% decrease, Zillow said. (Nathan Howard/Bloomberg via Getty Images)
Rural land was also less expensive per acre, averaging about $75,000 per acre. That compares to more than $181,000 per acre in urban areas and about $500,000 per acre in suburban areas.
Zillow said the expansion of manufactured homes can also help address the shortage because they can be built faster and at a lower cost than traditional manufactured homes.
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The company is participating in a 12-week technical program with the US Census Bureau's Opportunity Project focused on increasing access to small-dollar home loans in rural communities and reducing barriers for buyers interested in buying and building on vacant lots.
