A Renting Labor Force Is More Dynamically Mobil

RentalPropertyGraphic2012-06-12.jpg

Source of graph: online version of the WSJ article quoted and cited below.

(p. C2) The U.S. economy needs the dynamism that renting enables as much as–if not more than–it needs the stability that ownership engenders. In the current economy, there are vast gulfs between the employment pictures in different regions and states, from 12% unemployment in Nevada to 3% unemployment in North Dakota. But a steelworker in Buffalo, or an underemployed construction worker in Las Vegas, can’t easily take his skills to where they are needed in North Dakota or Wyoming if he’s underwater on his mortgage. Economists, in fact, have found that there is frequently a correlation between persistently high local unemployment rates and high levels of homeownership.

For the full essay, see:
DANIEL GROSS. “Renting Prosperity; Americans are getting used to the idea of renting the good life, from cars to couture to homes. Daniel Gross explores our shift from a nation of owners to an economy permanently on the move–and how it will lead to the next boom..” The Wall Street Journal (Sat., May 5, 2012): C1 & C2.
(Note: the online version of the essay has the date May 4, 2012.)

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