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Can Retiring People Help the Wyoming Job Market?
Thousands of retired Americans make Wyoming the state for their second home. Even though getting a second home mortgage is more difficult today, many people have managed to keep their 2nd home even as we find ourselves in another economic recession. The percentage of foreclosures on second homes remains higher of course than seen with defaults on primary residences. Years ago, the State of Wyoming made a conscious effort to cater to the retired market and this attracted many wealthier borrowers from states like California. 2nd mortgage rates remain low, but many people locally fear that when the Federal Reserve begins hiking rates and it will be more difficult to qualify for an equity line that is a popular vehicle for financing the down-payment of a second home. Only time will tell, but typically states like Wyoming that have a high percentage of second home residents suffer economically during recessions.
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