Job Security and First Home Buyers

Abstract

This paper discusses the implications of labour market change for first time homebuyers. It reports on whether experiences of labour market change, in particular the lack of job security resulting from more casual and contract employment, is impacting on their purchaser behaviour. It explores the relationship between job security and financial wellbeing of first home buyers, expectations of future job security and if and how these have influenced their home purchase.The survey shows that, while future job security is not a concern for many households, any concerns about job security are strongly associated with a households financial well being and income level. Those who are finding life the most difficult financially are the same households with the greatest concerns about future job security. As well, the survey shows that despite the stated lack of concern, most first time buyers acknowledge that their experience of job security has influenced their purchase behaviour.