Which Careers Are ‘Recession Proof’?
With fears of a recession looming, some economists are expecting a volatile job market in the coming months. According to CNBC, this is all the more reason to pursue a career that’s ‘recession-proof’.
According to research from LinkedIn, these four industries are considered the most stable: government, utilities, education, and consumer services, all of which are expected to continue hiring at the same rate going forward. The hospitality industry is also a consistent leader in hiring and payroll expansion.
LinkedIn identifies certain industries as having slack, meaning that employers are having an easier time filling jobs and don’t need to use as many enticements to find workers. Those industries are government administration, education and consumer services, where applicants outnumber job openings.
Moderately tight markets include, tech, entertainment, information and media, professional services, retail estate, retail and financial services. In these industries, job applicants are having an easier time finding opportunities while employers are having to step up recruitment efforts.
Extremely tight labor markets include accommodation, oil and gas, hospice and health care. LinkedIn says that in those fields “employers cannot fill vacancies fast enough.”
It Takes 2.7 Full Time Jobs To Pay Rent at Minimum Wage In South Carolina
This is a startling statistic. If you work a minimum wage job in South Carolina you’d have to work 106 per week to afford the average rent. That number comes from the National Low Income Housing Coalition‘s 2022 Out of Reach report. The purpose is to bring awareness to the issue that rent is “out of reach” to many low-income workers across the country.
According to the organization’s website:
Out of Reach documents the significant gap between renters’ wages and the cost of rental housing across the United States. The report’s central statistic, the Housing Wage, is an estimate of the hourly wage a full-time worker must earn to afford a modest rental home at HUD’s fair market rent (FMR) without spending more than 30% of their income on housing costs, the accepted standard of affordability. The FMR is an estimate of what a family moving today can expect to pay for a modestly priced rental home in a given area.
To put it into perspective nationally the Housing Wage is $25.82. That is for a modest two-bedroom rental home. A one-bedroom you would need $21.25 to afford. These statistics are based off of the idea that an individual should spend no more than 1/3 of their income on rent.
South Carolina State Facts Regarding Minimum Wage and Rent:
- Minimum Wage: $7.25
- Average Renter Wage: $18.98
- 2-Bedroom Housing Wage: $19.30
- Percent Renters: 30%
Where Do The Numbers Come From?
- Hourly Wage To Afford A 2 Bedroom Fair Market Rent: Divide income needed to afford FMR ($53,699) by 52 (weeks per year) and then by 40 (hours per work week) ($53,699 / 52 = $1,033;$1,033 / 40 = $25.82).
- Annual Income Needed To Afford FMR: Multiply the FMR by 12 to get the yearly rental cost ($1,342.47 x 12 = $16,110). Then divide by .3 to determine the total income needed to afford $16,110 per year in rent ($16,110 / .3 = $53,699).
- Full Time Jobs At Minimum Wage Needed To Afford FMR: National average of jobs needed across all counties, weighted by the number of renter households. To find jobs
needed in a particular state, metro, or county, divide the annual income needed to afford the FMR by 52 (weeks per year). Then divide by the prevailing minimum wage. Then divide by 40 (hours per work week)
The numbers for South Carolina are shocking. It’s a well-known fact that it’s hard to make ends meet on minimum wage. However, the idea that you’d have to work more than 2 full-time jobs that paid minimum wage to afford rent is unacceptable. Let’s take a look at some of the other statistics below and a breakdown of each of South Carolina’s metropolitan areas.
All data comes from the National Low Income Housing Coalition’s 2022 Out of Reach Report which can be read here.
Country 103.7’s funniest guy in town is none other than Rob Tanner with Tanner in the Morning! Rob Tanner has been the host of WSOC-FM's Tanner in the Morning Show in Charlotte, NC for 20 years. The show was named the 2018 ACM Major Market Personalities of the Year. He is well-versed in all topics in country music. Tanner also is a sports junkie who writes about any Carolina sports team, and he and his wife Missy spend most of their down exploring theme parks. He writes Disney insider content.
