English economist Andrew Oswald
has shown that across European countries, and across U.S. states, high
levels of home ownership are correlated with high levels of
unemployment. More conventional factors such as generous welfare
benefits or high levels of unionization don’t explain unemployment
nearly as well as the tendency to own houses. Renting your home and
staying flexible do wonders for your chances of always finding an
interesting job to do.
Tim Harford has more.