Unemployment rates get a lot of attention because they are a good indicator of economic health. That’s one of the reasons that real estate in an area with a lower unemployment rate typically commands a higher price than similar property in an area with a higher unemployment rate, all other factors being equal. When performing a real property appraisal, unemployment is one of the most significant factors I consider when making adjustments for location in the sales comparison approach. There is definitely a correlation between real estate value and local unemployment rates.
The chart above shows the unemployment rates for all the counties that make up the Jackson, Mississippi Metropolitan Statistical Area (MSA) — Hinds County, Rankin County, Madison County, Simpson County, Copiah County, and Yazoo County — as well as the Jackson MSA and the state of Mississippi.
As of May 2015, the county with the highest unemployment rate was Yazoo County with 9.4%, while Rankin County had the lowest rate, 3.9%.
Click here to view an interactive version of this chart or view a variety of other demographic charts for all the counties in the Jackson, MS metro area.
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