Young homeowners sidelined by employment woes

Unemployment up to 7.8% among Gen Y

September 6, 2013 12:18PMYoung adults between the ages of 25 and 34 are still struggling in the job market, bad news for the housing industry that is relying on first-time homebuyers to bring the recovery into full fruition.

According to Friday’s report from the Bureau of Labor and Employment Statistics, only 74.8% of young adults are working — the lowest number in 12 months and far below normal levels. During the recession, between 73% and 74% of young adults were employed.

Consequently, the unemployment rate for young adults rose to 7.8% in August, representing the highest level since February.

In addition to their struggles to find a job, many young adults are buried in a mountain of student debt. In fact, student loans are now the largest component of non-mortgage and home equity debt at $994 million, a second quarter report from Kroll Bond Ratings revealed.

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