A new report identifies American cities that are experiencing a post-housing crisis hangover.
24/7 Wall St., a financial news website, used tax assessor data from ATTOM Data Solutions to examine the number of single-family homes and condos that are empty in 15,957 ZIP codes, to determine which American cities had the most vacancies.
Twenty-nine cities were found to have at least 5,000 single-family homes and condos abandoned. In most of the cities on this list, the rate is well beyond the national vacancy rate of 1.52%.
Gary, Indiana; Detroit, Michigan; and Baltimore, Maryland, were identified as some of the cities that have the highest vacancy rates in the country. These vacancies are concentrated in neighborhoods with low incomes that suffer from decades of economic decline due to deindustrialization.
Most of these cities with high vacancy rates are situated in deindustrialized zones in the Midwest and Rust Belt regions. The loss of key industries was gradual and started in the 1970s.
24/7 Wall St. noted that high vacancy rates coincide with lower home prices. Here are 29 cities that are shrinking after decades of economic decline:
Chris Hedges, an American journalist, best describes this deterioration of America's Heartland as an "unstoppable death spiral."
Hedges has said the US economy has been drained by wars in the Middle East and vast military expansion around the globe (i.e., the +800 military bases). Exploding deficits, along with the devastating effects of deindustrialization has also crippled the country, he noted.
The bottom 90% of Americans in the 2020s will see stagnate wages, exploding wealth inequality, shrinking communities, and more deindustrialization will contribute to a further increase in vacancy rates across the country.