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More than 300,000 empty lots could ease US housing shortage, Zillow says
Fox Business • • business
Key Points:
- Zillow reports over 300,000 empty lots of five acres or fewer listed for sale in the U.S., representing 17.4% of all for-sale listings, which could help reduce the national housing shortage by 6.3% if developed.
- The typical lot is 0.57 acres with a median price of $79,000, and many parcels may support multiple homes, suggesting the potential impact on housing availability is conservative.
- Florida, Texas, and California lead in the number of empty lots for sale, while rural areas have the highest concentration and lowest prices per acre compared to suburban and urban markets.
- Zillow emphasizes that loosening zoning laws, streamlining permits, expanding financing access, and encouraging manufactured homes could further alleviate the housing deficit.
- The company is collaborating with the U.S. Census Bureau’s Opportunity Project on a federal initiative to improve access to small-dollar loans in rural areas and reduce barriers to building on empty lots.
