Oakland Job Market: The Housing Market's Effect

The Oakland job market may not seem to center on the housing market in the area but it does in indirectly. In fact, the fall of home values in the area may be what is causing the city to remain in economic trouble with few jobs to offer the thousands looking for work. The housing market here is improving, with the number of distressed properties seeming to inch down, however there is continued problems and it is very likely that many will struggle to see improvements on the Oakland job market front for some time as a direct result.

The Housing Market

What is the housing market doing? In the California area, steps are being taken to improve the condition. In Orange County for example, a 6.42 decline in the annual median list price has occurred. With house values falling, this may indicate problems for current homeowners who cannot tap into the equity. However, it also makes the area more affordable and attractive to new buyers. In the long run, the lower prices will help to absorb some of the housing inventory on the block, therefore improving the sale-ability of other properties. This, along with the lower median price will encourage more investors to move on in.

The Oakland Job Market

How does the job market in Oakland benefit? In many ways, the improvement can help. When people start moving back into the area, there are more people buying things and needing service. This helps improve the retail and service sectors. In addition, more affordability may attract new businesses, which could offer additional jobs.

For those who are out of work, consider your condition right now compared to a year ago. Are you seeing improvements in the job market in Oakland?