Which Housing Should I Get - Assignment Example

The report gives an overview of the labor market and local housing conditions in Salt Lake County, which is my area of residence near my family home. Also, the housing analysis report includes the calculations of how much money I will earn after graduation, as well as the affordable homes for rent. There is a consideration of the mortgage interest rates in case I will buy a house. In addition, the paper discusses the pros and cons of the interested properties and their location, as well as, the assumptions made before coming to the final housing choice.

The current status of the job market is still poor, having in mind that the American economy is recovering from the global financial crisis of 2008. The rate of youth unemployment remains high although it is unpredictable in the future. However, the labor and housing markets have recently started recovering and thus there is hope for employment of the youths (Utah Economic Council, 2014). Based on the current status of the jobs market, one can only get a short term employment contract earning you a living wage.

It is sensible for a fresh graduate getting such a salary to rent a house after graduation, although some may borrow loans in the form of mortgages to buy houses, with the aid of their parents. The level of income usually affects the type of a house one lives and the standards of living, as well. The housing conditions are reportedly to have improved due to the on-going recovery of the economy from the Great Recession. However, there is a likelihood of the increase in housing prices in the coming few years and, for this reason, many people are opting for buying their homes (Utah Economic Council, 2014).

Currently, in Utah, the mortgage default rates are high, and many people are going bankrupt. It is a hard decision to make for whoever is willing to get housing facilities from this county. From the facts of the housing markets, it is evident that housing is costly and also a unique consumer product