What is the Connection with Labor Day and Homeownership?

September 5, 1882, was the first parade and celebration of Labor Day in New York City. President Grover Cleveland in 1894 designated the first Monday of September a federal holiday. This day recognizes the American workforce as we continue to improve the conditions and rights of all workers in the United States. 

As Americans work towards the dream of homeownership, the collaboration of affordable housing is crucial. Labor advocacy programs often work hand in hand with programs that promote efforts toward homeownership. 

Why is this important? 

1. The qualification for a mortgage requires verification of employment. Labor movements fight for job security. This creates a stable income and therefore sets the stage for a successful homebuying opportunity. 

2. Laws designed to create safe working conditions help create fewer job-related injuries, which leads to a lesser chance of loss of wages or employment. 

3. There are also laws in place regarding child labor. This has impacted the American family by protecting children from working in unsafe environments or working hours that would prevent them from attending school. Education remains a primary goal for children, which leads to a better-skilled future workforce.

4. Consumer spending during the Labor Day weekend is a boost to the economy, as families celebrate the long weekend with large gatherings marking the end of summer. 

5. The most important contribution of labor advocacy has been to influence American businesses to provide retirement plan opportunities, such as pensions and other savings programs. This creates a path for employees to seek homeownership and create equity in owning real estate. 

Thank you to the American Worker, as we honor the contributions of our past, present, and future! For information on programs to qualify as a homeowner, please join our monthly Navigating Homeownership class or email stacylynn@pnlending.com.