Unemployment & The Housing Market
The Bureau of Labor Statistics just released their latest report showing that for the first time since 1984, unemployment fell in every state and D.C. last year.
Below is a map showing the decline year-over-year from 2013-2014.
In 2014, fourteen states had unemployment levels below 5%, while the nation as a whole stayed below double digit figures for the year. (see the map below)
So what does this mean for the Housing Market?
With more and more Americans employed, not only will family incomes rise but also consumer confidence in their financial situation. The more secure someone feels in their line of work the more apt they are to evaluate if buying a home for the first time, or moving up to the house of their dreams is possible.