The state of Illinois has one of the lowest home vacancy rates in the country, according to  a recent article in the Chicago Tribune.

According to 2010 U.S. Census data, the states with the lowest vacancy rates – all with rates of 9.2 percent or lower – are:

  • California
  • Iowa
  • Illinois
  • Virginia
  • Washington

Illinois’s rate of home vacancies is considerably better than the national average, which recently rose to more than 13 percent!

Vacancy rates are considered harmful to any housing market because they drive down sales prices as well property values.

Vacancies  can  occur for a number of reasons, including foreclosure.

According to the U.S. Census data, the states with the worst vacancy rates – all with rates of more than 15 percent – were:

  • Alaska
  • Arizona
  • Florida
  • Maine
  • Vermont

The article notes that some of these states might have made the “worst” list because vacation homes are considered vacancies.  However, even when statisticians took out vacation homes from the equation,  states such as Florida and Arizona still had abnormally high vacancy rates.

What Makes Peoria Such a Great Place to Call Home?

The Peoria real estate market’s low vacancy rate further demonstrates the fact that our local housing market is healthier than most.

That’s because there’s a steady flow of interested Peoria home buyers entering the Peoria real estate market at all times.  These home buyers decide to relocate to Peoria for a number of reasons, including:

Investing in Peoria, Illinois Real Estate

If you’d like to learn more about living in Peoria, then contact me, Mary Ann Knell.

As your Peoria real estate expert, I’ll provide you with all the Peoria home buying tools you need to make an informed decision on the Peoria real estate market.  I’ll also keep you up-to-date on available listings in the Peoria area.

Until next time,

Mary Ann