Flint’s home vacancy rate is more than four times the national rate, according to a new report.
Realty Trac says nationally 1.6% of homes are vacant. In Michigan, it’s 3.4%. In Flint, 7.2% are vacant.
Daren Blomquist is with Realty Trac. He says Flint’s high vacancy rate is “defining the housing market”.
“When you get to a certain threshold, and I would say Flint is far above that threshold, it becomes a driving piece of the market.” Says Blomquist.
Blomquist says more than 80% of Flint’s home vacancies are ‘investment properties’, owned by absentee owners.
Flint’s vacancy rate is well above that of other U.S. cities.
Youngstown, Ohio and Detroit ranked second and third on the list.