{"id":31278,"date":"2015-03-06T11:51:13","date_gmt":"2015-03-06T19:51:13","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=31278"},"modified":"2020-10-06T17:08:34","modified_gmt":"2020-10-07T00:08:34","slug":"low-paying-jobs-are-good-for-housing-especially-now","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/low-paying-jobs-are-good-for-housing-especially-now\/","title":{"rendered":"Low-Paying Jobs Are Good for Housing, Especially Now"},"content":{"rendered":"

As usual, today\u2019s employment report had both pluses and minuses. It showed that the economy still has momentum, creating 295,000 positions in February. And it was the 12th month in a row that employers added more than 200,000 jobs.
\nBut the report also told us that wages aren\u2019t rising nearly as quickly. Average hourly wages grew just 3 cents last month, up 2 percent from a year ago. One reason is the strong growth in low-paying jobs like retail clerks and restaurant workers. When adjusted for inflation, most Americans haven\u2019t had a real raise in years.
\nIn contrast, house prices have been surging. While it\u2019s beginning to slow to around 4 percent annually, price growth is still outpacing wage growth, making homeownership just a dream for many families. That\u2019s why some industry watchers are waiting for employment to pick up in high-paying sectors like manufacturing and construction before declaring good news in the housing market.
\nAnd while we did see growth in construction and manufacturing last month, many more of the jobs created over the past year have been in low-paying sectors like food and beverage service, health care and retail. The food and beverage services sector created an average of 35,000 jobs over the past 12 months, more than any other major industry.
\n\"jobs2\"<\/a>
\nWhile low-paying jobs in hospitality and retail are easy to dismiss in terms of their significance to the housing market, they do in fact play a role. In the face of continued wage stagnation, these jobs are the unsung heroes of the housing market. \u00a0For a family with one primary wage earner, the addition of a second income, even if it\u2019s from a part-time or low-paying job, could make or break their ability to save for a down payment or afford a monthly mortgage payment.
\nThe fact is, it takes many middle-class families two incomes instead of one to afford a home. A second gig at a bar or hotel plays an important role in the household budget, especially when wages refuse to grow.<\/p>\n","protected":false},"excerpt":{"rendered":"

While low-paying jobs in hospitality and retail are easy to dismiss in terms of their significance to the housing market, they do in fact play a role. <\/p>\n","protected":false},"author":13421,"featured_media":31289,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[78,32,19],"coauthors":[69,163],"class_list":["post-31278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-career","tag-housing-market-tracker","tag-politics"],"acf":[],"yoast_head":"\nLow-Paying Jobs Are Good for Housing, Especially Now - 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