A study shows that most of the new jobs created post-recession have been low-wage jobs, which doesn’t bode well for helping to lift the housing market.
From the first quarter of 2010 through the first quarter of 2012, low-wage jobs rose 2.7 times faster than mid to higher-wage jobs, according to a study by the National Employment Law Project.
For the study, the advocacy group labeled low-waged jobs as those that pay between $7.69 to $13.83 per hour; mid-waged jobs between $13.84 to $21.11 per hour; and high-waged jobs between $21.14 to $54.55 per hour.
“The recovery continues to be skewed toward low-wage jobs, reinforcing the rise in inequality and America’s deficit of good jobs,” noted Annette Bernhardt, the study’s author. “While there’s understandably a lot of focus on getting employment back to pre-recession levels, the quality of jobs is rapidly emerging as a second front in the struggling recovery.”
As HousingWire notes, a person in the low wage category may earn $20,800 a year and a person in the mid-range income category may bring $28,000 per year.
“Neither salary would put a person in the position of easily affording a home,” a HousingWire article about the study notes. “For the housing market, the quality of jobs percolating throughout the economy is a key factor in deciding whether there are enough potential buyers to maintain home ownership.” Many people are looking at low income housing to be able to afford their own home.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/09/10/low-wage-earners-struggle-attain-home-ownership
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