Between 2007 and 2009, one in six workers in the U.S. were laid off from their jobs, and the job market's recovery from this recession was painfully slow. Wall Street Journal Staffer Ben Leubsdorf points out that the scars from this recession will persist for decades for both individual workers and the nation as a whole.
One of the scars is home ownership: an analysis by the Boston Fed found that workers who have been unemployed were also less likely to own a home:
“This home ownership gap closes over time … as more years elapse since an individual’s last unemployment spell,” Boston Fed economist Daniel Cooper wrote. “Indeed, the gap is roughly halved after 10 years and is nonexistent after 20 years.” But for workers who were unemployed longer than six months, he found, the homeownership gap did not close even after 20 years.