Study looks at link between rising median home price and number of workers in a household
The number of workers per household is increasing as the median home prices increases according to a new analysis by LendingTree.
Whether the cost of living is demanding that workers live together to afford homes, or that more of those living in the household are required to work, the study shows that – with a few exceptions – the number of workers has increased per household.
LendingTree’s analysis focused on home prices as one of the contributing factors of the statistically significant relationship between an area’s median home price and the number of workers per household in that area.
Other factors, like different cultural expectations and/or how strong an area’s job market is, also have an influence on how many workers live in a single household.
Among the findings were that Salt Lake City is the metro with the highest average number of workers per household. This could be due to larger than average families in this state with children categorized as workers.
The Pittsburgh metro has the lowest average number of workers per household and the area’s low median home price is one of the main reasons why many households manage to get by with just a single worker.
Though the average number of workers per household is on the rise, most households in the country’s largest metros are still occupied by one or fewer workers.
Around 24% of households in the nation’s largest metros have zero workers, but that does not mean that those who occupy zero worker households have never worked, as some of these kinds of occupants are retired.
Metros with the highest average number of workers per household:
No. 1: Salt Lake City
- Total occupied households: 382,620
- % of homes with 0 workers: 17%
- % of homes with 1 worker: 37%
- % of homes with 2 workers: 34%
- % of homes with 3 workers: 11%
- Average number of workers per household: 1.52
- Median home value: $255,100
No. 2 (tie): San Jose, Calif.
- Total occupied households: 647,891
- % of homes with 0 workers: 19%
- % of homes with 1 worker: 38%
- % of homes with 2 workers: 33%
- % of homes with 3 workers: 11%
- Average number of workers per household: 1.47
- Median home value: $815,000
No. 2 (tie): Washington, D.C.
- Total occupied households: 2,170,034
- % of homes with 0 workers: 17%
- % of homes with 1 worker: 40%
- % of homes with 2 workers: 33%
- % of homes with 3 workers: 9%
- Average number of workers per household: 1.47
- Median home value: $397,900
