Zillow Real Estate Research reveals that today’s unemployment rate has important implications for the housing market tomorrow.
Their research found that when the unemployment rate increases 1 percentage point among young adults, their homeownership rate tends to fall by 0.5 percentage point in the next year. Similarly, when part-time employment increases 1 percentage point in the same age group, the next year’s homeownership tends to fall by 0.45 percentage point. Though millennials with full-time employment experienced similar wage gains to prime-working age adults, more millennials have found part-time jobs over the recovery.
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