Home Buying
A new LendingTree report finds that many vacant homes in tourism-heavy New England states are seasonal properties, leaving fewer options for year-round residents.
The ski slopes of Mt. Snow are seen behind some vacation rental properties to the west of the town of Dover, Vermont, on April 25, 2019. (Matthew Cavanaugh for The Boston Globe)
A high housing vacancy rate doesn’t necessarily mean there are plenty of homes available for people looking to buy or rent, especially in vacation destinations.
A new LendingTree analysis of U.S. Census Bureau data (2024 American Community Survey) found that many of the homes counted as “vacant” in northern New England are actually seasonal or recreational properties, leaving relatively few available for year-round residents.
Vermont had the nation’s highest share of vacant homes used for seasonal, recreational, or occasional purposes at 75.8 percent, followed by Maine at 74.4 percent, and New Hampshire at 70.5 percent. Those were the only three states where more than 70 percent of vacant homes fell into that category. In Massachusetts, the share was significantly lower at 45.8 percent.
In all, the report found that 14.5 million homes across the United States are vacant.
The report also found that Vermont, Maine, and New Hampshire have the country’s lowest shares of vacant homes available for rent: 3.5 percent, 4.4 percent, and 6.9 percent, respectively. Massachusetts ranked higher at 15.5 percent.
Those three northern New England states also had the lowest percentages of vacant homes listed for sale, ranging from 1.9 percent in New Hampshire to 2.1 percent in Vermont. Massachusetts came in at 4 percent, still among the nation’s lowest.
Matt Schulz, LendingTree’s chief consumer finance analyst, said the findings illustrate why high vacancy rates can be misleading.
“All of these vacancies can be challenging because if a lot of the inventory in your area is sitting vacant and unavailable, it can push home costs and even rents higher,” Schulz said. “That’s the last thing anybody needs.”
With so few vacant homes actually on the market, Schulz said, buyers and renters face tighter inventory, stronger competition, and higher prices.
Housing economists often use vacancy rates as a barometer of supply and demand. In general, higher vacancy rates can point to weaker demand or an oversupply of homes, while lower vacancy rates often signal a tighter housing market. A vacancy rate between 7 and 8 percent is typically considered balanced, according to LendingTree.
The report argues, however, that vacancy rates alone don’t tell the whole story. The U.S. Census Bureau classifies a home as vacant if it is unoccupied and habitable, regardless of the reason for its vacancy. In states with large numbers of second homes or vacation properties, those homes inflate vacancy rates without adding to the year-round housing supply.
Vermont illustrates that disconnect. While nearly three-quarters of the state’s vacant homes are used seasonally or recreationally, a 2025 Vermont Housing Needs Assessment found the state still needs an estimated 24,000 to 36,000 additional homes over the next five years to keep up with demand. Without more housing, the report warned, home prices and rents are likely to continue rising.
Other parts of the country tell a different story. In the District of Columbia, for example, nearly 40 percent of vacant homes are available for rent, the highest share in the nation, making those vacancies more likely to help ease pressure in the housing market.
“When a large share of vacant homes are seasonal or recreational properties, it doesn’t necessarily help local families looking for housing because those homes aren’t typically available year-round,” Schulz said. “That’s very different from vacancies that are available for rent or sale, which can ease pressure on the market and give consumers more choices.”
That variation is one reason Schulz said housing markets can differ dramatically from one part of the country to another.
“It’s important to understand for people for whom owning a home is a really big priority,” Schulz said. “If they have the flexibility to be able to relocate, it can open up some opportunities for them. Obviously, that’s a big ‘if’ because a thousand other things go into whether you can relocate.”
Beth Treffeisen is a general assignment reporter for Boston.com, focusing on local news, crime, and business in the New England region.
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