Glowing job reports recently are largely expected to translate into a strong spring selling season this year, but don’t expect the recent rises in employment to always turn into more home buyers, according to researchers at Freddie Mac.
Freddie Mac recently analyzed home ownership rates by profession, and compared the rates to professions that are seeing some of the most and least job growth recently.
“What we find is that many of America’s fastest growing careers (in terms of numbers of workers) have average or below average home ownership rates,” says Leonard Kiefer, deputy chief economist at Freddie Mac. “At the same time, the professions with higher home ownership rates are generally headed for average or subpar growth.”
Many of the projected job openings over the next 10 years will be in retail sales, food preparation, and cashiers, according to the Bureau of Labor Statistics. But workers in such professions tend to have home ownership rates well-below the national average.
The professions that do often equate with higher home ownership rates above the national average tend to be engineers (79% home ownership rate), lawyers (78%), doctors (75%), and computer and math professionals (68%). But recently, such occupations have only seen average job growth. Also, business managers – with home ownership rates at 76.3 percent – have only seen subpar growth rates as well.