Many former homeowners likely to remain in rental market

by Tom Simplot

Oct 4, 2015

Recent economic forecasts by local and national experts seem to agree that Arizona’s housing market will continue to recover at a reasonable and sustained rate. Gone, we hope, are the days of crazy housing prices, unstable lending and overextended property owners. Many former homeowners shifted into the rental market over the past few years, and it’s expected that a large number will stay in that market for a variety of positive reasons.

 The Census offers a different perspective about the Arizona housing market in its most recent American Community Survey.

 Arizona reports just over 2.3 million housing units and 842,814 of these are rental housing units, according to their most recent report (factfinder.census. gov). With about 34 percent of Arizona’s population renting homes, readers can learn more about how average gross rents by city and the gross rent as a percentage of household income. Using this data to help build a household budget can help to ensure that you are renting a home at the right price point, and not overextending your budget.

 In a recent Washington Post article by Emily Badger and Christopher Ingraham about this census report, the pair tracked the types of housing in different metro markets across the nation using the national data. Arizona’s housing supply continues to be dominated by single family homes, much different than many Eastern cities.