It comes as no surprise that jobs and the unemployment rate have a profound impact on the health of our housing market. With higher than normal competition for jobs in a limited hiring environment, workers are trying to gain every advantage available. Statistically, 2010 proved that college graduates weathered the recession better than others. I offer that statistic with conditions, however. I work with a large number of first time home buyers who are burdened with a high amount of student loans. It could be undergraduate loans and post graduate loans. These debts cause an unusually high amount of stress and can inhibit their ability to get a mortgage, car loan, or small business loan to develop or reinvest in a personal business. Last year, 4.6% was the unemployment rate for workers aged 25 and older who held a college degree, while the unemployment rate for the same age with only a high school diploma was 10.3%. This clearly demonstrates that a college graduate can find job opportunities, but you have to measure the cost when deciding what college to attend, be it the more affordable state supported school or perhaps an out of state private college or university. Community colleges are also a great value. I offer these options because I see a large number of my clients who are struggling with debt, and that debt is standing in the way of them pursuing simple pleasures and large dreams. In fact, student loans are not discharged in bankruptcy, so when you decide to pursue an educational goal for yourself or your children, look at the facts and most importantly, your budget.
29 Jan
