Ten Utah communities showed an increase in the share of homes being rented rather than owned, part of a national trend identified through a new USA Today analysis of census data.The national newspaper's analysis published Tuesday found more than 500 midsize and large cities throughout the county saw a boost in home rentals between the 2000 and 2010 census counts.
The percentage of occupied homes that are rented went from just under 34 percent in 2000 to nearly 35 percent in 2010, the newspaper found, with Florida, California and Arizona having the most cities where the share of rented homes grew by at least 5 percentage points.
In Utah, South Jordan saw the biggest boost in homes rented, from just over 10 percent in 2000 to more than 15 percent in 2010, USA Today reported, with West Jordan, Orem and Sandy all increasing more than 4 percent. Deseret News
Note: This analysis should come as no surprise. In 2000, the country was NOT in the midst of a collapsing housing bubble. In 2010, it was. Foreclosure, credit, and unemployment problems all contribute to the likelihood that people will rent rather than own. The current situation should certainly not be seen as a long term trend--at least until more data is available. Fortunately, the American Community Survey provides yearly housing updates, so tracking the trends will be easy.
