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Employment Numbers Buoy the Housing Market

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I’ve been trolling the Internet recently looking for good news about rental property investing and/or the real estate market in general, mainly because I’m growing tired of constantly having to report gloom & doom.  Finally, it seems as though the tide is beginning to turn for the better!

An increase in the job market is buoying hopes in other sectors of the economy as well. The Labor Department report on new jobs created in January beat market expectations, and is fostering increased hope for a strong recovery in 2012. The housing market particularly took pleasure in these numbers because an increase in jobs suggests lower defaults on mortgages and more demand for houses.

The report also states a 3.9 percent increase in construction employment, as compared to three months ago. This is a good omen for the market, as it indicates signs of increasing demand for new homes. The report also revealed a 74.5 percent rise in employment among 24-35 year olds, an important statistic for the real estate market. During the economic downturn, most of the unemployed in this age group moved back with their parents or chose to share apartments, leading to a sharp drop in housing demand and alot of angst for the average landlord. With a healthy climb in employment in this demographic, increased demand for houses and apartments is sure to be around the corner.

For more details on these numbers and a follow-up on employment in metro areas, continue reading here.

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