If you want to see why housing is so hot right now, take a look at the trends over the past decade. The number of occupied housing units (otherwise known as households, which are housing units with people in them) grew faster than the total number of housing units. Consequently, the number of vacant housing units fell between 2010 and 2020.
Percent change in total, occupied, and vacant housing units, 2010 to 2020
Total housing units: 6.6%
Occupied housing units: 8.5%
Vacant housing units: -8.6%
The housing crunch differs by metropolitan status. In the nation's metropolitan areas, the number of households grew faster (up 9.9 percent) than the number of total housing units (7.9 percent) between 2010 and 2020. In nonmetropolitan areas, the number of households declined during the decade (-1.1 percent) but the number of total housing units fell even more (-2.7 percent).
In both metro and nonmetro areas, then, the number of vacant housing units fell—a 9.4 percent drop in metro areas and an 8.4 percent decline in nonmetro areas. Consequently, no matter where you live or where you want to live, there is less housing to choose from and more competition for those seeking a home.
Source: Census Bureau, Housing Growth Highest in Urban Cores of Fast-Growing Metros
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