Hat tip to JP for sending this along, from USAToday.com:
In the aftermath of the nation’s housing-market collapse and recession, more than 500 midsize and large cities have seen a rise in the share of homes that are rented rather than owned, according to a USA TODAY analysis of Census data.
Nationally, 34.9% of occupied homes were rented in 2010 compared with 33.8% in 2000, according to Census data.
Almost 4 million homes have been lost to foreclosures in the past five years, turning many former owner-occupied homes into rentals.
The shift to rental housing is potentially long-lasting and portends changes for neighborhood stability and how people build wealth, economists say.
“The changes are big but glacial,” says Mark Zandi, economist at Moody’s Analytics.
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Percentages of homes rented in SD cities with at least 50,000 people:
| Local City | % Rentals | Diff from 2000 |
| Carlsbad | ||
| El Cajon | ||
| Encinitas | ||
| Escondido | ||
| Oceanside | ||
| San Diego | ||
| San Marcos | ||
| Vista |
I’m not sure if 1-3% change over ten years equals big changes, but hey, Zandi said it!
Home ownership rates are fairly stable over the long term. For example here’s some key years for CA’s home ownership rate.
1999 = 55.7%
2000 = 57.1%
2006 = 60.2% <- this was the peak in ownership rates
2010 = 56.1%
33.9 million 2000 people ~ 13 million households
37.6 million 2006 (est) ~ 14.5 million households
37.3 million 2010 ~ 14.3 million households
2006 8.7 million households owned their home in CA
2010 8.0 million households owner their home in CA
Approx 700K households have gone from owning a home at the peak to some other arrangement. Live with family, rent, move out of the state.
Great stats, livinincali!
“The changes are big but glacial,” says Mark Zandi, economist at Moody’s Analytics.
I’m not sure if 1-3% change over ten years equals big changes, but hey, Zandi said it!”
The SAME Zandi and the SAME Moodys that “Rated” subprime loans AAA? Didn’t see the crisis coming?
If there were any justice in the world, in my personal opinion Zandi would be in Prison with multiple felon convictions, his assets seized and a lifetime stipulation were he ever to get out he could never work anywhere near anything where competency and truthfulness is required, and Moodys would just be simply put out of business permanaently, their assets seized and distributed to mortgage fraud victims.
Instead, they are quoted as “Authorities”
RUBBISH. Only in fat,stupid dumbed-down America full of idiot debt slaves.
Moodys and the other rating agencies seem to have escaped all blame. IMO, they are the single most guilty parties of the entire crisis.
Zandi is one of the most quoted “authoritative” voices out there before and after the crisis. He was once introduced by a financial talk head as an economist who has a track record of accurately predicting future financial market. What a joke.