Tight Labor Market Going Into the Holiday Season

Tight Labor Market Going into the Holiday Season

Rising Wages and Buying a Home

I was reading about the labor market this morning.  The unemployment rate is the lowest it's been in many years and employers are having a hard time filling vacant positions.  

Amazon announced yesterday that it is raising it's minimum wage to $15 an hour.  What is that going to do to their bottom line and the price of merchandise?  Are other similar employers, (like Walmart, Sam's Club, Target etc) going to keep pace?  

In an article on Monster.com this morning many companies are having a hard time filling seasonal vacancies and are offering incentives to attract employees

But, what does this mean for the housing market?  It means that people may be able to afford more for a home.  At $15 an hour an home buyer could feasibly afford $100,000 home comfortably.  There are a few affordably priced homes in this price range, I just sold one in Brooklyn that was priced at $75,000 and was move in ready.  

With the number of down payment assistance programs out there, it is possible to buy a home for as little as $1,000 of your own money which is probably equal to a month's rent.  Think about it!!  Talk to a local loan officer that is familiar with down payment programs and together we can make your dream of owning a home come true!!