(TNS)–Here’s a strong dose of reality on why millennials might not be the housing market’s prayer in the near future: The fastest-growing careers aren’t necessarily those with traditionally high homeownership rates.
Economists at Freddie Mac paired the federal government’s homeownership data with job growth predictions to determine homeownership rates by profession, and they vary widely.
“A large portion of projected job growth comes in low-education occupations, and these occupations have lower-than-average wages and homeownership rates,” Leonard Kiefer, Freddie Mac’s deputy chief economist, wrote on the agency’s blog. “We found that jobs in the professions with higher homeownership rates (70 percent or more) are likely to see average growth (10 percent) or less.”
Restaurant cooks, for example, have only a 36 percent homeownership rate but job openings in that profession, where median earnings were just over $22,000 in 2012, are expected to increase almost 15 percent from 2012 to 2022. Chief executive officers, almost 85 percent of whom own homes, will see job opportunities rise only 5.3 percent in the 10-year period, according to the analysis.
Real estate brokers, a profession that traditionally has had a high homeownership rate — more than 75 percent — should increase their ranks by 11 percent in 10 years.
Freddie Mac found one profession stood apart from the rest, showing both high homeownership and good job prospects. About 75 percent of registered nurses own homes, and job openings in that field were expected to grow 19 percent from 2012 to 2022.
©2015 Chicago Tribune
Distributed by Tribune Content Agency, LLC