Detached homes maintain the highest rate of occupancy, despite foreclosures and slowed market
By John Kirchner
November 3, 2011
Don’t believe everything you read – the American homeowner still largely prefers the detached single-family home.
While several markets across the country like Boston, Portland, Minneapolis and Kansas City have seen a surge in condos, townhouses and apartments, data from the 2010 American Community Survey indicates 79.2 percent of new homes built in the last decade in the country’s 51 largest metropolitan areas were of the detached variety. Americans still love their to own their own homes.
Here’s another fact that might surprise you. Despite a deluge of foreclosures across the country, in 2010, 92.4 percent of detached homes remained occupied, compared to 89.4 percent for attached housing and 84.2 for multi-family homes. In the past decade, the vacancy rate of multi-family homes went up nearly 61 percent. This puts to bed any notion homeowners are jumping the shark and reverting to clustered rentals.
Has new detached home construction slowed? Of course. Builders who have considered broadening their portfolio to include attached and multi-family homes may be no worse for the wear, but homeowners still crave their own home with a little privacy.