Housing Affordability Negatively Impacting Job Growth

Metro areas where housing affordability has declined over the last five years have seen a similar decline in job growth during that same period. These findings come from a National Association of Realtors® (NAR) study, which examined the top 174 metro areas and ranked them based on affordability. The NAR reviewed the shift in affordability ranking, considering the pace of non-farm payroll job growth in 2019 Q3 compared to average job growth from 2014 to 2018. According to Lawrence Yun, NAR chief economist. “Job growth has slowed in these areas in part because limited supply is making homes less affordable.”