About 1 in 10 homes in the U.S. stand vacant, according to a new study from LendingTree. While that figure may be surprising, it is also somewhat misleading.

The 14.5 million homes that LendingTree found to be empty are based on U.S. Census Bureau data. The findings include 4.7 million homes, or 32.6%, that are used seasonally or recreationally. Another 2.6 million, or 18.2%, are rental properties. Other smaller categories include vacant homes that are sold or rented but not occupied and homes rented for migrant workers.

Fewer than 800,000, or 5.5%, are listed as being for sale. LendingTree states that 35.9% of the vacant homes are included in a general “other vacant” category, which covers homes that don’t meet the other criteria. The different types of vacant homes explain why “housing can feel scarce even when millions of homes sit empty,” LendingTree writes in its report.

Maine had the nation’s highest vacancy rate at 20.6%. Vermont was next at 19.4%, followed by Alaska at 17.6%. Of course, many of these vacancies are due to the high number of rentals. For instance, Vermont led the nation with 75.8% of its vacant homes being used for seasonal or recreational properties, which means that about 1 in 7 homes statewide are empty during the offseason.

The state of Connecticut boasted the lowest vacancy rate at 7%, followed by Washington at 7.3%. Tied for third were California, New Jersey and Oregon, which all had vacancy rates of 7.5%.

LendingTree reports that a vacancy rate between 7% and 8% is considered consistent with a balanced real estate market, offering enough homes to accommodate buyers and renters without creating shortages or surpluses.

The share of vacant homes across the country has been falling in the past decade, from 12.5% in 2014 to 10.4% in 2023. More recently, the percentage of vacant homes fell from 10.4% to 10.1% between 2023 and 2024. The change of 31 basis points equates to about 302,000 homes, according to the report.

Wyoming’s vacancy rate fell the most during the year, dropping 1.23%. North Dakota was second, with vacancies down 1.03%, followed by Rhode Island, which fell 0.72%.

While Vermont led in the percentage of seasonal, recreational and occasional-use homes, Mississippi was first in the percentage of homes (62.5%) that fell into the “other vacant” category.

The District of Columbia had the highest percentage of homes for rent (39.4%), as well as rented but not occupied homes (8.6%). Illinois had the highest percentage of vacant homes for sale (8.2%) and homes that have been sold but are not yet occupied (6.1%). North Dakota was first in the percentage of homes for migrant workers at 2.1%.