Dr. Joe LaBriola, University of Michigan, Survey Research Center Research Assistant Professor
Title: Housing Affordability, Parental Wealth, and the Transition to Homeownership
Abstract: Homeownership is associated with many social and economic benefits and has long been viewed as a marker of the American Dream. However, the housing affordability crisis has made the transition to homeownership more difficult for young adults. In this talk, I extend research on the importance of parental wealth for transitioning to homeownership by examining whether less affordable housing makes parental wealth a more important determinant of transitioning to homeownership. Using geocoded data from the Panel Study of Income Dynamics, I find that first-time homeowners who buy homes in less affordable neighborhoods have significantly wealthier parents, and are much more likely to have received financial assistance from their family, than first-time homeowners who buy in more affordable neighborhoods. I discuss the implications of these findings for our understanding of the intergenerational transmission of advantage in the contemporary United States.
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