Job Growth may not Equal Housing Recovery

From Q1 2010 to Q1 2012 low-wage occupations grew at a rate 2.7 times faster than those in the middle to higher-wage categories, HousingWire tells MHProNews. According to the advocacy group the National Employment Law Project, 1.7 million of the jobs added the last two years were in the services, retail and employment sector. Employment in the financial, real estate, manufacturing, and technical services sector grew more slowly, and those are the jobs that are key to growing and maintaining homeownership. Two low-income workers earn roughly $41,000 yearly, well below the median annual income of $65,000, which represents 73.8 percent of all homes sold in the second quarter, according to the National Association of Home Builders (NAHB)/ Wells Fargo Housing Opportunity Index. If the housing market recovery depends upon growth in the mid-to higher-wage categories, it may yet be awhile for that recovery to fully take hold.

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