Categorized | Residential

Job Market Woes Negatively Impacting the Housing Market

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The job market continues to take its toll on the overall health of the United States housing market. With fears of unemployment lingering in the minds of many workers across the country, many potential new homeowners are opting not to even consider buying a home at this current time.

Recent reports and surveys show that roughly thirty percent of Americans are very concerned about the stability of their jobs. With another ten to fifteen percent of families coping with unemployment or underemployment, roughly half of the country’s households have no intentions of buying a home at this point in time.

Even with the latest actions taken by the United States government to maintain record-low interest rates, there has been little indication that the residential real estate market will see much improvement. These low rates, coupled with low prices, have most people in the United States thinking that it is currently a great time to buy. However, even those that believe it’s a great time to buy are shying away from the market, as job market uncertainty leads many to question whether or not they will be able to pay their mortgage payment down the road.

As can be expected, the instability of the job market has driven more potential homeowners to continue on the path of renting so as to avoid the worry that they might one day lose their home. Experts and government officials continue to deliberate over the most effective ways to improve the real estate market numbers. However, it is becoming increasingly clear that the solution lies outside of the housing market, and rather, entirely in the stabilizing of the job market.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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