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Millennials in the Housing Market: The Transition to Ownership in Challenging Contexts
Abstract
In the context of rising housing costs, volatile housing markets and changing family structures, I examine the transition to ownership of young adults, and specifically the ownership paths of the Millennial generation. I examine the cohort ownership trajectories within the United States, between 2000 and 2015, and by region and race/ethnicity. The cohort transitions capture the strongly regional and ethnic outcomes of entry to ownership, and the effects of the financial crisis. All groups have much lower rates of ownership entry than earlier cohorts. There is likely to be an adjustment of the path to ownership in the long run and the current outcomes provide evidence that those trajectories will vary by region and race. It does appear that the changing trajectory of access will contribute further to the already growing inequality in cities.
... In recent years, research in this area has focused on comparing the 'lucky' Baby Boomers born in the two post-war decades with the 'unlucky' millennials born after 1980. This literature has shown that millennials are moving more slowly into homeownership with age and that this delay may be having adverse impacts on their prosperity, housing quality, subjective well-being and sense of self-worth (Choi et al., 2019;Clark, 2019;Corlett & Judge, 2017;Green, 2017). Entry into homeownership among older millennials was also significantly disrupted by the GFC, which disproportionately hit the incomes and economic security of younger adults and housing market 'outsiders' (Clark, 2019;Lennartz et al., 2016). ...
... This literature has shown that millennials are moving more slowly into homeownership with age and that this delay may be having adverse impacts on their prosperity, housing quality, subjective well-being and sense of self-worth (Choi et al., 2019;Clark, 2019;Corlett & Judge, 2017;Green, 2017). Entry into homeownership among older millennials was also significantly disrupted by the GFC, which disproportionately hit the incomes and economic security of younger adults and housing market 'outsiders' (Clark, 2019;Lennartz et al., 2016). ...
... Contextual opportunities and constraints for homeownership entry vary across space as well as over time (Clark, 2019). Recent house price inflation in Britain has been spatially polarised with prices in London and the southern English regions increasing more rapidly than those in other areas (Hamnett & Reades, 2019; Figure A1). ...
Difficulties accessing homeownership and reduced rates of owner-occupation among recent birth cohorts are a major concern for Global North policymakers. However, surprisingly little is known about how patterns of entry into homeownership have varied spatially across the early lives of recent birth cohorts. Using life course perspectives and survey data, this study examines how regional disparities in homeownership trajectories and transitions have varied across the life courses of four birth cohorts who entered the British housing system after 1990. The results show a nonlinear pattern of postponed homeownership across cohorts which has not varied greatly across regions. London is the most distinctive area and delayed homeownership transitions have long been a feature of the capital’s housing market. Taken together, the findings illustrate the value of more thoroughly examining how place intersects with biographical and historical time in nuanced ways to shape housing careers.
... The issue of racial inequality in homeownership sustainability was brought to the forefront during the Great Recession, when the housing crisis delivered a disproportionately hard hit on African Americans (Clark 2013(Clark , 2019Kuebler and Rugh 2013). Extensive works have assessed the unequal spread of foreclosure risk between Black and White homeowners. ...
... If homeownership is still considered a preferable type of housing tenure, given its enormous economic and social benefits within the existing socioeconomic system (Dawkins 2006), policy interventions should focus on removing racial barriers to acquiring and retaining liquid assets. This is particularly important given the increasing evidence that minority and immigrant families' lack of accumulated financial resources constitutes a major challenge to sustained progress toward an ownership society (Clark 2019). If racism and market exploitation are considered too institutionalized to go away in the foreseeable future, more radical policies that bypass market mechanisms might be worth a discussion. ...
... According to recent statistics, Hispanic/Latino Americans, on average, faced a ratio of 1 to 68 in liquid wealth; and the median Hispanic/Latino homeowner lost 56% of home equity during the housing crisis, which is the highest among all racial/ethnic groups (32% for Whites and 36% for African Americans) (Tippett et al. 2014). The rising significance of intergenerational wealth transfers in attaining and sustaining homeownership also adds to the disproportional stress of new immigrant families (Clark 2019). One major direction of future research, therefore, points to the specific financial challenges facing Hispanic/Latino and other immigration-oriented groups, particularly in the context of the United States moving toward a multiethnic society. ...
To explain racially differential housing outcomes, previous studies have tended to concentrate on discriminatory processes within the mortgage market while ignoring homeowning families’ broad socioeconomic challenges. This study proposes a conceptual framework for understanding Black-White inequality in homeownership sustainability, which emphasizes Black homeowners’ socioeconomic challenges that are external to mortgage market evaluations, with a particular focus on the mediating role of liquid assets. Based on the Panel Study of Income Dynamics, the framework is put to an empirical test on the differential exit rates between Black and White homeowners in the United States during the recent housing crisis. The findings indicate that the racial gap in homeownership exit is eliminated after liquid wealth is controlled in the model alongside other covariates and that the inclusion of liquid wealth renders all mortgage-oriented variables nonsignificant with regard to their explanatory power for Black-White inequality in exit rates. Policy implications of the findings are also discussed.
... The restructuring of the welfare state, wage stagnation and increasing labour-market instability faced by young people today impact not only class inequalities in homeownership, but also generational inequalities in access to homeownership (Arundel, 2017;Arundel & Doling, 2017;Clark, 2019;Forrest & Hirayama, 2009). Recent studies have compared the structural conditions that shape unequal access to homeownership across generations between neoliberal countries (Arundel & Ronald, 2021;Hoolachan and McKee, 2019;Ronald, 2018). ...
... This situation, in turn, affects housing preferences and the resources available for first transitions into homeownership (Bayrakdar & Coulter, 2018;Coulter, 2018Coulter, , 2020. Furthermore, young adults today are following longer educational trajectories before building a career and accumulating resources, leading them to postpone familyformation and their housing career (Clark, 2019;Coulter et al., 2020;Iacovou, 2010). However, the traditional narrative still pushes homeownership as an expected event at this stage in life (Colic-Peisker & Johnson, 2012;McKee et al., 2017). ...
This study investigates class inequality in homeownership and the mortgage debt burden of young adults (aged 25-35) in Israel, from the present cohort and from the 1980s. These two time points reflect the shift from a social-welfare system to a neoliberal regime. Data was drawn from the Household Expenditure Survey for the periods 1975 and 1980, as well as 2012-2013 (Israel CBS). The findings reveal that while gaps between the probability of mortgaged homeownership and outright ownership have remained remarkably stable for the low-income and middle-income classes, the high-income class has substantially improved its probability of mortgaged homeownership and decreased its probability of non-homeownership. Furthermore, the middle class has the highest mortgage debt burden. However, in late young adulthood (ages 30-40), the low class is saddled with a higher mortgage debt burden relative to income than the middle class, residing in locations with lower socioeconomic status. Moreover, the high class has a higher mortgage debt burden than the middle class, when residing in areas with higher socioeconomic status. This practice increases the latter's wealth prospects and shows the financial burden imposed upon the low class in order for its members to have 'a roof over their head'.
... A great deal of recent evidence shows the need for an increased supply of affordable housing (Ball, 2016;European Central, 2017), including in the Netherlands (Dol & Boumeester, 2018), the UK (Sissons & Houston, 2018), the US (Clark, 2018), New Zealand (Squires & White, 2019), and other locations (Carozzi et al., 2018). This need is evident, regardless of the approach taken to measure affordability (Hulchanski, 1995;Stone, 2006). ...
... Among them, young people were overrepresented: some 74 percent being under 35 years of age. They are the most likely occupants of an affordable solution due to the recent trend of decreasing homeownership by this group in many countries (Clark, 2018;Dol & Boumeester, 2018;Sissons & Houston, 2018). When interpreting the results, it is crucial to note that most of the respondents (74.3 percent) liked the design of the tiny portable house, which was described and 520 pictured (Appendix 1). ...
An increasing number of people are experiencing difficulties obtaining housing, and it therefore seems necessary to create a varied range of affordability measures. Tiny portable houses constitute a temporary use of land that unlocks urban land supply, but the success of this novel dwelling type as an affordable measure will depend upon popular acceptance. Previous research has not empirically tested whether a tiny portable house can satisfy diverse housing preferences, nor has it explored how a temporary location influences residential choice. The current study accordingly uses an experimentally designed online survey including 280 respondents living in the Netherlands and presenting them with several realistic choice situations. The results indicate a favorable attitude toward tiny portable houses and highlight different attributes as the essential choice drivers, including unit type, renting period, and energy label. The results also underline that young, single-person households in urban areas are most likely to occupy these dwellings in the Netherlands.
... The restructuring of the welfare state, wage stagnation and increasing labour-market instability faced by young people today impact not only class inequalities in homeownership, but also generational inequalities in access to homeownership (Arundel, 2017;Arundel & Doling, 2017;Clark, 2019;Forrest & Hirayama, 2009). Recent studies have compared the structural conditions that shape unequal access to homeownership across generations between neoliberal countries (Arundel & Ronald, 2021;Hoolachan and McKee, 2019;Ronald, 2018). ...
... This situation, in turn, affects housing preferences and the resources available for first transitions into homeownership (Bayrakdar & Coulter, 2018;Coulter, 2018Coulter, , 2020. Furthermore, young adults today are following longer educational trajectories before building a career and accumulating resources, leading them to postpone familyformation and their housing career (Clark, 2019;Coulter et al., 2020;Iacovou, 2010). However, the traditional narrative still pushes homeownership as an expected event at this stage in life (Colic-Peisker & Johnson, 2012;McKee et al., 2017). ...
This study investigates class inequality in homeownership and the mortgage debt burden of young adults (aged 25-35) in Israel, from the present cohort and from the 1980s. These two time points reflect the shift from a social-welfare system to a neoliberal regime. Data was drawn from the Household Expenditure Survey for the periods 1975 and 1980, as well as 2012-2013 (Israel CBS). The findings reveal that while gaps between the probability of mortgaged homeownership and outright ownership have remained remarkably stable for the low-income and middle-income classes, the high-income class has substantially improved its probability of mortgaged homeownership and decreased its probability of non-homeownership. Furthermore, the middle class has the highest mortgage debt burden. However, in late young adulthood (ages 30-40), the low class is saddled with a higher mortgage debt burden relative to income than the middle class, residing in locations with lower socioeconomic status. Moreover, the high class has a higher mortgage debt burden than the middle class, when residing in areas with higher socioeconomic status. This practice increases the latter's wealth prospects and shows the financial burden imposed upon the low class in order for its members to have 'a roof over their head'.
... Meanwhile, homeownership is declining and private rental is expanding in the post-2008 financial crisis era (Bangham, 2019) due to a range of factors such as the internal contradictions within neoliberalized homeownership, affordability gap, the precarity in the labour market and growing income inequality (e.g. Arundel and Doling, 2017;Clark, 2019;Forrest and Hirayama, 2015). A "generation rent" has emerged, and millennials are unable to afford homeownership and are delaying leaving home and partnership formation (E.g. ...
... In addition, millennials in China have a surprisingly high rate of homeownership with 60 and 80 percent of young adults aged 28-47 in some form of home ownership . These results seem to portray a very different generation from the "generation rent" and millennials in the West ( Clark, 2019;Forrest, 2015), and more research is needed to understand why and how young Chinese achieve a high rate of home ownership, even when they want to rent. ...
China is an ownership society, but with a paradox – many homeowners do not live in the apartments/houses they own, and instead live in rental housing. This is different from the pattern in Western economies where households own multiple properties but still live in an owned unit. The paper is situated within the literature on the financialization of housing and the changing meaning of homeownership. We examine the paradox by studying its patterns and dynamics using 2017 China Household Finance Survey data. We find that the owner-renting in China is a result of spatial, temporal and functional mismatches between housing needs. The intrinsic investment strategy and services linked to homeownership have made it imperative to own homes, regardless a household’s housing needs. Young, single, better-off and split households, and those in large, expensive cities are more likely to be owners-renting. In addition, institutional barriers in the housing market such as migrant status, housing purchase limit policy, and subsidized housing encourage owner-renting.
... Youth researchers have brought attention to the delay of financial milestones, including later entries into stable careers, home ownership, and financial independence (Clark 2007;Clark 2019;Foster 2012;Sironi and Furstenberg 2012). They have also explored the future thinking of young people, finding that conventional goals of financial stability (including a good job, a home, and support for family) persist in the hoped-for futures of young adults (Andres and Wyn 2010;Bryant and Ellard 2015;Hoolachan et al. 2017;McDonald et al. 2011). ...
... Despite evidence of slower and more precarious achievement of many financial milestones, research suggests that young adults continue to strive for conventional financial goals and demonstrates that youths' future orientations are shaped by current situations, past experiences, and structures of opportunity (Andres and Wyn 2010;Bryant and Ellard 2015;Clark 2007;Clark 2019;Foster 2012;Hoolachan et al. 2017;McDonald et al. 2011;Sironi and Furstenberg 2012). Against this backdrop of prior knowledge, we examined the financial priorities and goals of young adults residing in a mid-sized, economically prosperous city in Western Canada with a low unemployment rate and an affordable cost of living in comparative national perspective. ...
Young people’s financial lives have undergone change, with delays and struggles attaining stable employment, home ownership, and financial independence. Despite such change, research on the future thinking of young adults suggests the persistent significance of such financial milestones. We conducted semi-structured interviews with 36 young adults aged 18–32 in a mid-sized, prosperous Canadian city, inquiring into their goals and perceptions of their future financial lives in light of their current situations. Findings revealed young adults’ overarching desire for financial security, notably through goals of a steady job, debt reduction, and home ownership. These findings affirm that during this transitional time of life, many young adults are involved in a search for security, hoping to attain financial independence and stability in a conventionally linear and upward fashion. This search for security and stability manifests differently across sociodemographic positions (namely age, gender, birthplace, and socioeconomic status), reflecting differing experiences of precarity, cultural representations of the life course, and positions along financial trajectories. Participants’ visions of their financial futures also appear to connect to factors in the local context, including its relative prosperity, persistence of traditional gender roles, and a relatively modest cost of living compared to other urban centres in Canada. Link to free eprint: https://www.tandfonline.com/eprint/PKPTJQQUR6QQVCHUKGEV/full?target=10.1080/13676261.2020.1716964
... That is, whereas we can ensure the consistency of the verified patterns (of income and wealth variables) across racial/ethnic groups, we do not know how race/ethnicity contributes to these patterns. This is particularly a shame given minority families' difficulty in accessing quality mortgages (Robinson 2020), asset deprivation (Killewald, Pfeffer and Schachner 2017), and their rapidly growing representation in the general U.S. population (Clark 2019). Thus, a specialized study that targets the challenges facing racial/ethnic minority families, as they go through the homeownership process, would enable us to gain deeper insights into the present and future of U.S. housing dynamics. ...
In the present study, we propose a novel conceptualization of homeownership in the United States as a special commodity, whose consumption involves a two-stage process: homeownership entry wherein the ability to consume is pivotal, and homeownership retention wherein the outcome rests on economic security. Based on the Panel Study of Income Dynamics (PSID), we test this conceptualization with consumption ability being proxied by income and economic security by liquid wealth. Three hypotheses are verified: (1) income predicts first-time renters’ chance of becoming homeowners but has weakened influence on homeownership retention; (2) liquid wealth constitutes the central determinant for first-time homeowners’ ability to avoid going back to renting; and (3) nonliquid wealth fails to exhibit a significant impact on either homeownership stage. By revealing the two separate stages of different homeownership dynamics, this study is the first to systematically explore the built-in contradiction of capitalist housing markets. Policy implications are also discussed.
... Scarcity of housing, limited access to credit, and reduced purchasing power imply a rise of affordability problems (Arundel and Lennartz, 2020;Breidenbach, 2018). As a consequence, young adults spent an increasingly long period in the private rental sector or in the parental house (Clark, 2019;Lennartz et al., 2016;McKee, 2012;Sissons and Houston, 2019). Supply and demand factors thus make it more difficult for young adults to enter owner-occupancy or to access any form of housing without family financial support (Ko¨ppe, 2018;McKee, 2012). ...
This paper assesses the role of parental gifts in neighbourhood sorting among young adult homebuyers. We make use of high-quality individual-level registry data for two large urban metropolitan areas in the Netherlands. While previous studies have shown that young adults receiving gifts purchase more expensive housing, little is known about the role of gifts in where young adults buy. Our study finds that parental gifts flow into the housing market in a spatially-uneven way. Movers supported by substantial parental gifts are more likely to enter owner-occupied housing in high-status and gentrifying urban neighbourhoods compared to movers without gifts. This study shows that this can only partially be explained by household and parental characteristics and by the uneven distribution of housing values. The remaining effect suggests that parental gifts also play a role in trade-offs regarding spatial residential decision-making. The conclusion discusses the ramifications of our findings for debates on (re)production of class and intra-generational inequalities through housing, and provides avenues for further research.
... This shift has not been the same for everyone. As recent research has increasingly stressed, it has been particularly problematic for working-aged people born after 1965 (also known as Gen X and Millennials) (see Clark, 2019) whose housing experiences contrast markedly to earlier generations, most notably 'Boomers' born between 1945 and1965. At the same time, there has been a growing body of research evidence describing a negative mental health effect of housing affordability stress (Bentley et al, 2011), particularly for tenants of the private rental sector (Mason et al 2013). ...
Unaffordable housing has many dimensions, not least its far-reaching implications for mental health. Although the psycho-social effects of housing affordability stress are well documented there is a lack of research on their variation within or between cohorts who have shared experiences of housing (social generations). This article fills that gap by following 14,000 Australians in the national Household, Income and Labour Dynamics survey for 16-years as they enter and exit unaffordable housing. We model when cohorts seem most vulnerable to mental health effects of unaffordable housing. We find contemporaneously that while people born in the 1980s have a high likelihood of falling below the affordability threshold, older people have a lower likelihood of recovering. These trends create a ‘pinch point’ for this older generation with negative mental health consequences. We position housing affordability stress as an indicator of precarity whose mental health effects may vary both within cohorts and between generations as a product of their shared experiences of housing.
... Recent scholarship has supplemented the burgeoning literature on labour market precarity by drawing attention to increased housing precarity-what is called a trend of 'double precarity' (Bentley et al., 2019). This has produced research results identifying problems such as declining housing affordability among households marked by non-standard employment and unemployment (Beer et al., 2016) as well as disrupted housing careers for young adults, who remain within the parental home for longer and delay or are denied entry into home ownership (Clark, 2019;Parkinson et al., 2019a;Arundel & Ronald, 2021;Gousia et al., 2021). But the connection between changing labour and housing markets is complex and opaque, while the contribution of underemployment to housing insecurity seems largely absent from the discussion. ...
Though unemployment has long been recognised as a threat to housing security, the impact of time-related underemployment remains neglected. This article takes an integrated approach, linking unemployment and underemployment within the context of a household analysis of housing insecurity. It draws on panel data from the Household, Income and Labour Dynamics in Australia (HILDA) survey and deploys an innovative measure that differentiates households in terms of employment hours deficits. The results confirm a significant relationship between total employment hours deficits within the household and housing payment arrears and reinforce the importance of integrating time-related underemployment into labour market and housing analysis.
... According to relevant statistics, the proportion of rental housing in developed countries such as the United States, Japan, Britain, and other countries is about 30-60% (Shi et al., 2013). However, China's rental population is only 11.6%, much lower than that of developed countries (China Industry Information Network, 2018), which is in stark contrast to the recent decline in home ownership in the West (Clark, 2019). As a result, there has been a serious imbalance between the housing sales market and housing rental market, highlighted by the fact that "the rental market has one short leg and the sales market has one long leg. ...
The ideas of face consciousness, group conformity, extended family concept, and crisis consciousness in Confucian culture have a subtle and far-reaching impact on housing consumption decision among the Chinese public, forming a housing consumption model of “preferring to own a house rather than rent one.” The poor interaction between the housing rental market and the sales market caused by the shortage of rental demand and irrational purchasing behaviors has led to soaring house prices and imbalance between supply and demand that prevail in major cities in China. To gain a deeper understanding of public cognitive attitude toward decisions on owning and renting a house, this study divided the subjects into high and low impact groups based on the overall Confucian culture and four subdimensions. It attempts to take a cognitive neuroscience approach for assessing public stereotypes of housing consumption decision with different types based on the analysis of event-related potentials (ERPs). The results are as follows. First, overall, there is an obvious implicit stereotype of renting a house and explicit stereotype of owning a house among the public. Second, ERPs data show that descriptions of renting a house with positive adjectives could evoke more significant N400 responses. In other words, in the heuristic system, the public perceive that renting a house is restrictive, stressful, unhappy, and crisis. Data from subjective reports show that, after processing information in the analytic system, the public tend to think that owning a house is self-contained, restful, warm, and comfortable. Third, a more negative stereotype of renting a house exists in the high Confucian culture influence group (HIC) Group than in the low Confucian culture influence group (LIC) Group, and is more inclined to own a home. Fourth, under the Confucian culture sub-dimension, there are differences in housing consumption stereotypes between high and low groups in terms of extended family concept, group conformity, and crisis consciousness. Fifth, the moderating effect analysis found that perceived usefulness, trust in the rental market, and policy perception can be important factors in guiding public housing consumption stereotypes.
... There has been an increasing research interests on young adults' housing in recent years in the West, and the concept of "generation rent" implies the difficulties young adults face in their transition to homeownership (e.g. Clapham et al. 2014;Clark 2019;Forrest and Yip 2012;Mackie 2012;McKee 2012;Ronald 2018). In China, young adults mostly grow up in the post-reform era, who no longer have access to housing subsidies (unlike their parents) but have to face skyrocketing housing prices especially in large cities. ...
... In addition to better understanding Chinese society, research on China potentially can shed important lights on recent housing problems in the West such as rising housing inequalities both within and between generations, and between different social groups, multiple homeownership and the social-cultural meaning of housing, as well as the lack of affordable housing and difficulty in achieving homeownership especially among young adults and (im) migrants (e.g. Clark, 2019;Forrest & Hirayama, 2015;Forrest & Yip, 2012;McKee, 2012;Richard, 2018). Thus this special issue can make significant theoretical contributions on housing and social inequalities, intergenerational transfer and inequality, social mobility, and the socioeconomic implication of housing and homeownership. ...
... Much of this decline can be attributed to reduced transitions into mortgaged homeownership by younger cohorts constrained by low incomes, less stable life courses and problems of housing affordability (Andrew, 2012). Similar patterns of deteriorating access have been observed in the United States, Australia and other European countries (Clark, 2019;Lennartz et al., 2016) Thus far, the main policy response has been the UK Government's collection of Help to Buy schemes designed to assist young people to overcome the deposit barriers that impede access to mortgages (Ronald et al., 2015). While tens of thousands of English first time buyers have benefited from Help to Buy mortgage guarantees and equity loans since 2013 (HM Treasury, 2017; MHCLG, 2018b), there is much debate about the efficacy and social equity of the multibillion pound scheme. ...
In many countries, there is growing public concern about the increasing difficulties that young people face in obtaining secure, affordable, high quality and well-located housing. Much of the analysis and discussion focuses on the ways in which intergenerational housing inequalities have deepened over time as young adults’ fortunes have deteriorated, most obviously through declining access to homeownership. In this review, we showcase how researchers are harnessing life course theories and rich longitudinal datasets, exploiting longitudinal modelling techniques, and developing new geographical data linkages to enhance our knowledge of a broader range of housing inequalities in young adulthood. We argue that incorporating these longitudinal perspectives more fully into geographical research and teaching will foster an enriched pluralistic model of quantitative human geography that is characterised by collaboration, critical engagement with policy issues, and sensitivity to the strengths and challenges of working in an integrated fashion with varied forms of numerical data.
... In the UK in particular there is a growing dialog about what has been called "generation rent", the millennials who are unable to afford housing and are delaying leaving home and partnership formation (McKee 2012; Hoolachan et al. 2017). The discussion in both Europe and the US has flagged the high cost of owning a home, especially in large cities, and whether a whole generation will be unable or unwilling to take on the considerable burden of ownership (Clark 2018). Because families with greater wealth can divert assets to their young adult children there are questions too, about a growing divide between those who can own and those who do not have this assistance. ...
In the past three decades the Chinese housing market has been profoundly transformed as China emerged as a world “market” economy. Now, a growing middle class is pursuing the Chinese Dream—a car, an apartment and a family. While there is substantial research on the Chinese economy and studies of housing in individual cities, we know less about the behavior of the youngest cohorts who are now entering the homeowner market. How do young adults (the Chinese Millennial generation) enter the urban housing market? Using new national surveys of China Household Finance, we ask the questions, (a) is the process of homeownership available for all? Are young adults in urban China able to access the Chinese dream of ownership? (b) what is the variation in access to ownership across dimensions of sociodemographic and institutional status? and, (c) how do parental transfers impact the ownership trajectory? The analysis confirms anecdotal studies that ownership is high even for those born in the 1980s. As expected, income and assets are important explanations of ownership as is parental economic transfers. However, the institutional structure of housing reform and government policies in China continue to play an important role. Furthermore, there are important differences between the 1970 cohort in contrast to the 1980s and 1990s cohort. Although there is a growing rental sector, overall the Chinese shift to a homeownership society is still largely successful.
In the present study, we propose a novel conceptualization of homeownership in the United States as a special commodity, whose consumption involves a two-stage process: homeownership entry wherein the ability to consume is pivotal, and homeownership retention wherein the outcome rests on economic security. Based on the Panel Study of Income Dynamics (PSID), we test this conceptualization with consumption ability being proxied by income and economic security by liquid wealth. Three hypotheses are verified: (1) income predicts first-time renters’ chance of becoming homeowners but has weakened influence on homeownership retention; (2) liquid wealth constitutes the central determinant for first-time homeowners’ ability to avoid going back to renting; and (3) nonliquid wealth fails to exhibit a significant impact on either homeownership stage. By revealing the two separate stages of different homeownership dynamics, this study is the first to systematically explore the built-in contradiction of capitalist housing markets. Policy implications are also discussed.
The current housing affordability crisis, driven mainly by the financialization of housing and the government's retrenchment of social policies and provision of affordable housing, have affected growing inequalities in access to housing. The crises have hit young people especially hard. The recent trends call for systematic studies on the mechanisms generating such intergenerational inequality, considering the specifics of the prevailing housing regimes. Housing affordability in Tallinn has decreased due to fast-growing housing prices, as a result of an ultra-liberal housing regime, exemplified by housing financialization, capital accumulation, low level of governmental interventions and an overall increase in social inequalities. Based on EU-SILC data, it is shown how the recent trends during the decade between 2010 and 2020 have negatively impacted young people's access to homeownership—access has been greatly reduced for young cohorts, and it has become more differentiated, based on the socio-economic and labor market performance of households, as well as intergenerational transfers. Young households are increasingly residing in private rental dwellings, and many still rely on parental housing until their 30s. Rental housing, as compared to homeownership, has fewer advantages compared to homeownership—it brings no capital gains and is less secure, and rental stock tends to be located unevenly across urban space and to be in slightly worse condition compared to owner-occupied housing. This positions young people in an unfavorable position in the perspective of their housing career, and this can have severe consequences on their social inclusion.
Access to social housing is becoming more selective with allocation criteria requiring applicants’ stronger financial capacity or, conversely, proving their state of extreme vulnerability. This seeming contradiction results from two contrasting trends in social housing governance and management: a push toward adopting quasi-market privately funded models, on the one hand, and ongoing residualization processes on the other hand. Such polarization of social housing supply increases pre-existing divisions between insiders and outsiders. Young people are increasingly seen as outsiders in housing markets, a condition that exacerbates the risk of social exclusion and undermines the transition to adulthood. However, in the wake of changing approaches to the provision and management of social and affordable housing, new tenures are being used to improve access for young people while promoting greater involvement in community-oriented actions. Such tenures rely on a specific understanding of conditionality whereby units are allocated at below-market rates to young people in return for their commitment to engage in solidarity activities and help tasks for vulnerable neighbors. This chapter discusses this idea of conditionality and its effects on young people’s relationships within local communities. It shows that such relationships are shaped by complex, dynamic, and strongly context-dependent assemblages of individual human capital (e.g., capabilities, pro-social motivations, and attitudes), available spatial resources and conditions, and the fundamental direction and discretion of housing managers and practitioners. This conceptualization of conditionality discloses aims of tenant responsibilization toward both individual dwelling and community, redefining young people’s identities as resourceful tenants.
This paper unpacks the drivers of growing intergenerational housing wealth inequality in Australia. We also account for the multidimensional nature of housing wealth divides by examining the interaction between age and other divides. We find that the Australian intergenerational housing wealth gap widened from 161% in 1997–98 to 234% in 2017–18, favouring the older cohort. This was driven by lower rates of homeownership and lower property value growth among younger cohorts, with the relative lack of homeownership access the more significant driver. However, higher rates of couple formation and tertiary education amongst the young mitigated a further widening of the gap. The intergenerational housing wealth gap is exacerbated within specific population subgroups. The growing housing wealth gap between the income-poor young and income-rich old has been particularly alarming, climbing from 532% to 1230% over two decades. We discuss implications for policies seeking to alleviate intergenerational tensions in housing markets.
Gentrification is a growing problem that impacts immigrants, particularly in Southern California where housing costs continue to rise. This study examines how Millennials and Generation Z—an understudied group of 1.5-generation immigrants—are experiencing housing instability. Because Millennials and Generation Z immigrants have grown up in a housing crisis, they are disproportionately affected by rising housing costs and a lack of affordable housing, contributing to poor well-being. Findings from 30 semistructured interviews with 1.5-generation immigrants reveal that these long-term renters experience extreme housing burden, precarious housing conditions, and displacement. Participants self-reported that over time, the stress of being housing insecure and being discriminated against as an immigrant has affected their sense of belonging and emotional well-being. This study contributes to a better understanding of the consequences of gentrification on immigrants and points to the need to explore how housing instability creates adverse health outcomes for various populations.
There is a growing research literature which focuses on inequality in Chinese cities, and in particular on housing inequality. These studies point to the gap between incomes and house costs but unlike the US and Europe where home ownership has declined especially for young adults, the same is less true in China. How can we understand continuing high levels of ownership in China when the gap between incomes and housing costs is so large and housing affordability is now as common in cities in China as it is in European and North American cities? The paper explores the income housing cost disconnect nationally and in the very large “superstar” cities of China. Previous studies of inequality and the role of housing affordability have documented the nature of affordability and inequality. We extend that research by using individual data from the China Household Finance Survey to unpack the nature of housing outcomes across categories of income and house value as a measure of housing costs. The paper analyzes who owns, and how it varies across categories of income and housing value. Our analysis shows that there are strong relationships between education, employment, and position in the housing market. We also confirm that parental inputs, the structural role of hukou status, and access to the housing provident fund continue to play important roles in the gaps between incomes and housing values. The research documents these relationships at the national level and across the Chinese “superstar” cities.
Finally, after a lengthy hiatus, the empirical facts of economic inequality need no introduction. In a blaze of publicity during a decade or more, the re-polarization of income and wealth across nearly half a century has been widely documented and is substantially uncontested. There is debate on whether incomes have peaked, no doubt that capital is back, and a great deal of speculation on what might happen next. What is surprising is the limited attention afforded to the pivotal role of housing. To address that gap, conceptually and empirically, this paper draws from panel surveys in three countries across two decades to locate residential property generally, and owner-occupation in particular, within a wider literature on the shape of economic inequality in the long run.
Housing affordability is an acute problem in many developed economies. It is rooted, inter alia, in a conflict of interests across levels of government. Policies that seek to increase the supply of housing and lower their purchase price are popular among the general electorate, yet local governments deploy urban planning regulations to restrict densification and development of affordable housing within their jurisdictions. Moves to address this conflict would benefit from unpacking city officials' policy preferences and their variation. This paper compares the positions of local-government politicians vs. those of unelected bureaucrats in Israeli cities, drawing on survey and interview data. Our findings confirm the conflicts of interest between levels of government even within Israel's unitary, centralized context. However, we show that career bureaucrats, given their relative freedom from electoral pressures and commitment to professional values, are more amenable to citizens' and central government's shared interest in densification and affordable housing. We also highlight city officials' place of residence—within vs. outside the city—and their social identification with citizens and residents as antecedents of their urban-planning preferences. We draw on these findings to delineate directions for more effective central–local government collaboration in seeking affordable housing solutions.
The UK has had a long-standing regional house price gap with prices in London much higher than the rest of the UK. Using price data from 1969 to 2016 we track price differentials through several cycles of boom and bust, and note the growing divergence of London, particularly central London, from the rest of Britain. In explaining this divergence, we highlight the growing importance of international investment since the global financial crisis. We conclude that, although ‘Brexit’ may have brought the latest long London boom to a close, there is nothing to suggest that the regional house price gap will close. Given the ongoing importance of global financial inflows to major world cities, this has significant implications for how governments approach affordability and housing policy.
The recent housing market crisis in the United States led to a drastic drop in homeownership and house values nationwide. While research documents the disproportionate impact of the housing market crisis on blacks, and the surprisingly small effect on immigrants, no research investigates how individuals who are both black and immigrants fared. I use 2005–2007 and 2009–2011 pooled American Community Survey data (N = 2,000,689 and 2,013,001, respectively) to determine whether black immigrants’ housing market outcomes mirrored that of U.S.-born blacks or other immigrants during the housing crisis. Using the maximum likelihood estimator regression with a Heckman correction to measure race and nativity differences in homeownership and house value, I find that there is a great deal of diversity in black immigrant housing market outcomes. Caribbean immigrants experienced significantly larger drops in homeownership than U.S.-born whites and blacks and Asian immigrants, but there is no significant difference between whites and African immigrants. Consistent with previous research, living in major settlement areas meditated black immigrants’ housing market disadvantage. Despite the benefits of living in a co-ethnic community, both African and Caribbean immigrants experienced significantly larger drops in house value than U.S.-born blacks and whites and Asian immigrants. These findings indicate that black immigrants’ housing options are more rather than less constrained than U.S.-born blacks after the housing market crash. Given that the bulk of black wealth is held in home equity, reduced house values may also have long-term consequences on black immigrants’ ability to make, maintain, and pass on wealth across generations.
There is much evidence of rising inequalities across advanced economies. This paper argues for the special position of housing equity in inequality dynamics while challenging a persistent “ideology of mass homeownership” as a widespread and equalizing mechanism of asset accumulation. Contemporary dynamics of diminished homeownership access contrast to the continued attractiveness of real estate among those with capital and recent growths in private landlordism. The research presents an explorative examination of the housing wealth dimension of inequality through the British case and assesses empirically the dimensions of: equity concentration, inter and intra-generational divergences, and the role of private landlordism. The research points to the starkly concentrated nature of housing equity and significant trends towards increasing disparities, with especially disadvantaged prospects among younger cohorts. The recent emergence of a substantial secondary rental-property market presents a further key dimension of wealth concentration. The research underscores the fundamental inequality of housing equity and brings into question rooted ideologies of housing-asset-based economic security in an era of individualized welfare responsibility.
The term ‘Generation Rent’ denotes young people who are increasingly living in the private rented sector for longer periods of their lives because they are unable to access homeownership or social housing. Drawing on qualitative data from two studies with young people and key-actors, this paper considers the phenomenon of ‘Generation Rent’ from the perspective of youth transitions and the concept of ‘home’. These frameworks posit that young people leaving the parental home traverse housing and labour markets until they reach a point of ‘settling down’. However, our data indicate that many young people face difficulties in this ‘settling’ process as they have to contend with insecure housing, unstable employment and welfare cuts which often force them to be flexible and mobile. This leaves many feeling frustrated as they struggle to remain fixed in place in order to ‘settle down’ and benefit from the positive qualities of home. Taking a Scottish focus, this paper further highlights the geographical dimension to these challenges and argues that those living in expensive and/or rural areas may find it particularly difficult to settle down.
Parental support, in both financial and non-financial ways, is important in explaining the residential trajectories of young people leaving home. For instance, the influence of parental support on the ability to leave home or enter homeownership is well established. This study adds a dimension by investigating how inequalities in terms of parental background – particularly assets – are spatially articulated. More specifically, we study whether parental background influences the types of neighbourhoods young people leaving home move to. Drawing on the case of Amsterdam, we show that these ‘fledglings’, despite their generally very modest income, disproportionally move to gentrification neighbourhoods. Moreover, fledglings with wealthy parents are even more likely to move to both early gentrifying and expensive mature-gentrification neighbourhoods. Gentrification research should therefore also take into account the importance of middle class social reproduction strategies as well as the potential intergenerational transfer of (financial) resources – rather than merely personal financial situation – in shaping housing outcomes and spatial inequalities of young people leaving home. Drawing on parental support, young people may be able to outbid other households and hence exclude them from gentrifying neighbourhoods. Consequently, parental wealth and other resources can thus contribute to gentrification and exclusion.
This paper draws on the figurational sociology of Norbert Elias in understanding the current housing crisis in the UK: one which emphasizes the social interdependencies between individuals and groups, and the power relations that characterize them, in explaining household behaviour. It is argued that such an approach can contribute to a better understanding of housing processes and their differentiated outcomes. At the same time, this analysis exposes the myriad negative consequences that emerge from short-term housing policies based on static, over-simplified assumptions and applied to an ever-increasingly complex housing figuration, which is constantly in flux. These arguments are made with reference to empirical evidence on the impact of changes to housing benefit in the private rented sector, which shows how neoliberal housing policy contributes to long-term detrimental effects on marginalized households and groups. Through this example, it is argued that the governmental presentation of welfare reforms differs markedly from the reality of consequences on the ground and corresponds to “neoliberal state-crafting”. It is suggested that any approach to understanding the complexities of the housing system must retain a focus on historical change, precedents and fluctuations in power balances to avoid the pernicious “retreat into the present” characteristic of policy.
The life course framework guides us towards investigating how dynamic life course careers affect residential mobility decision-making and behaviour throughout long periods of individual lifetimes. However, most longitudinal studies linking mobility decision-making to subsequent moving behaviour focus only on year-to-year transitions. This study moves beyond this snapshot approach by analysing the long-term sequencing of moving desires and mobility behaviour within individual lives. Using novel techniques to visualise the desire–mobility sequences of British Household Panel Survey respondents, the study demonstrates that revealing the meanings and significance of particular transitions in moving desires and mobility behaviour requires these transitions to be arranged into mobility biographies. The results highlight the oft-neglected importance of residential stability over the life course, uncovering groups of individuals persistently unable to act in accordance with their moving desires.
2008 was the 25th anniversary of Housing, Theory and Society and its antecedent the Scandinavian Journal of Housing and Planning. To mark the occasion a plenary debate was organized at the European Network for Housing Research conference in Dublin on 8 July 2008. This special issue has arisen from that debate.
The subject of the debate was the role of theory in housing research. Clearly this fits with the journal’s objective, established by former editor Jim Kemeny in 1999, which is to stimulate the application of theory to housing research. This followed Kemeny’s call in his book Housing and Social Theory (Kemeny 1992) for a more theoretically informed housing research. This call was accepted by many people and
the articles published here reflect on the impact this has made.
Housing is a complex commodity and housing market choices carry with them substantial economic and social consequences for the households making them. Housing market decisions are complex, uncertain and involve expectations-formation. This paper argues that the standard economic theory of decision-making under uncertainty – expected utility theory – is particularly ill-suited as the basis for understanding such complexity. The paper then explores alternative avenues for potential development, reviewing the key characteristics of owner-occupied housing markets and housing search, and examining how the resources of institutional and behavioural economics could be used to inform our understanding of the residential mobility process. The paper concludes by outlining an agenda for empirical research.
The last decade of housing price fluctuation, crises of housing affordability and the turmoil of housing foreclosures brought housing, and housing markets, closer to centre stage in the debates over the future of the global economy. As part of the renewed interest in housing some recent papers have questioned whether we have an adequate model for understanding housing prices and housing market behaviour more broadly. Specifically, is the expected utility model of housing market behaviour, and the associated hedonic housing price model, still relevant in an increasingly uncertain housing market? Certainly the recent rapid escalation in housing prices and the behaviour of agents in the housing market has further stimulated rethinking of our models of housing markets. Analysts are asking about the future behaviour of and in housing markets, and how the housing market will function in the post housing market bubble decade. It is a useful time to take another look at how the housing market behaves and what underpins housing prices. Even to ask the question: do we need a new model of housing market behaviour?
The postponement of partnership formation and parenthood in the context of an early average age at leaving home has resulted in increased heterogeneity in the living arrangements of young adults in the UK. More young adults now remain in the parental home, or live independently of the parental home but outside of a family. The extent to which these trends are explained by the increased immigration of foreign-born young adults, the expansion in higher education, and the increased economic insecurity faced by young adults are examined. Shared non-family living is particularly prominent among those with experience of higher education, whilst labour market uncertainty is associated with an extended period of co-residence with parents.
In Western countries, home-ownership and family formation are closely connected. From most research on the transition to home-ownership, one gets the impression that the association between family formation and home-ownership is positive: family formation seems to speed up the process of acquiring a home in several countries. However, it has also been argued that there might be a negative association between home-ownership and family formation at the individual or household level, because the cost of home-ownership might compete with the cost of rearing children. And it has also been found that those countries in Europe with the highest levels of home-ownership are also those with the lowest fertility. The aim of this paper is to reconcile these seemingly contradicting findings on the association between home-ownership and family formation by developing a theoretical argument comprising both the micro level of individuals and households and the macro level of countries.
Four positions concerning theorising housing-related phenomena are discussed. (1) Theory of housing (v1): It is possible and desirable to construct a theory of housing to which all housing-related research topics can be related. (2) Theory about housing: It is not possible, nor desirable to try to construct a theory of housing; one should rather apply theoretical resources developed in established disciplines and research fields in theorising housing-related topics. (3) Theory from housing: It is possible and desirable to theorise housing by scrutinising the nature of housing as a special activity and experience. (4) Theory of housing (v2): It is possible and desirable to construct a theory about the invariable relationships between features of the housing system and features of society. Theory of housing (v1) is shown to be questionable basically due to the fact that housing is not a research topic but a common denominator of various topics. Theory about housing is acceptable with the qualification that housing research can feed back to more general theorising. Theory from housing offers a limited perspective on theorising but it can serve as a necessary check to other theorising. Problems with Theory of housing (v2) have to do with the balance between abstract generalisation and concrete empirical/historical analysis.
This paper reconsiders youth transition regime literature in the context of recent changes to Government policies in the age at which young adults are deemed independent of their parents, the privatization of the funding of higher education, and the current housing crisis. We provide new evidence regarding class inequalities in transitions to adulthood over the past twenty-five years. All social classes have seen a delay in some transitions such as getting a full time job, and becoming a home owner. Class differences in the likelihood of remaining in the parental home have widened. Regardless of social background, having a degree remains key to avoid precarious employment, but within the graduate and nongraduate groups there are class inequalities in the likelihood of being unemployed, or in a routine job. Despite the recent postponement of motherhood among disadvantaged groups, the timing and partnership context of motherhood remains strongly class stratified.
The aim of this working paper is to promote dialogue between population researchers and housing researchers. We explore the complex inter-relationships between population change and the housing system, highlighting demographic perspectives and methodological issues. We draw on previous work and published data to consider age-related household trends and housing demand, and argue that an understanding of the dynamics of change must consider both period and cohort effects. We discuss the implications of de-standardised, or fluid, life courses and critically evaluate the potential of sequence analysis as a method for capturing heterogeneity and informing predictions of future housing demand. We also argue that more could be done to extend socio-spatial understandings of residential mobility as ‘the engine of the housing market’ (Clark 2012a). In the final section, we consider two emerging issues – intergenerational equity and socio-spatial age segregation – to illustrate our arguments. We conclude by identifying questions for further discussion, which we hope will contribute to the development of a more integrated agenda for future research
Housing is something that is deeply personal to us. It offers us privacy and security and allows us to be intimate with those we are close to. This book considers the nature of privacy but also how we choose to share our dwelling. The book discusses the manner in which we talk about our housing, how it manifests and assuages our anxieties and desires and how it helps us come to terms with loss. Private Dwelling offers a deeply original take on housing. The book proceeds through a series of speculations, using philosophical analysis and critique, personal anecdote, film criticism, social and cultural theory and policy analysis to unpick the subjective nature of housing as a personal place where we can be sure of ourselves.
Studies in housing have often concentrated on an abstract institutionalised approach isolated from the broader base of the social sciences. This book is the first to treat housing as a subject of social theory. It provides a critique of current research and theorises housing in relation to political science, social change and welfare developing a case study to illustrate these applications. By being sometimes controversial, this book will stimulate debate among housing theorists and sociologists alike.
This paper discusses changes in housing finance, tenure and policy in the UK in the context of Kemeny's important and influential discussion of political tenure strategies. The evolution of housing tenure in that country since the 1970s has not conformed to the thesis of a simple presumption in favour of home ownership and the paper argues that the framework for housing analysis must look beyond tenure categories, recognise the complex variations within tenures and consider the overriding importance of wider structural pressures related to class, income and wealth and the role of local actors and local variation.
Analyses of the impact of the Global Financial Crisis (GFC) on housing have largely focused on subprime mortgages and homeownership. By contrast, the impact of the financial crisis on the private rented sector has received much less attention. This paper helps to address that gap by examining the impact of the GFC on private renting in Britain. In recent years, the private rented sector (PRS) in Britain has grown in size after many years of decline; and the formal rules and informal practices that characterize this tenure have also changed significantly. This transformation began during the 1990s but the pace of change increased from the turn of the century and accelerated still further during the GFC. Drawing on an historical institutional perspective, it shows that the changes to private renting over this period were shaped not only by domestic events but also by developments in the international political economy.
The authors examine the housing pathways of young people in the UK in the years 1999 to 2008, and consider the changing nature of these pathways in the run up to 2020. They employ a highly innovative methodology, which begins with the identification and description of key drivers likely to affect young people's housing circumstances in the future. The empirical identification and analysis of housing pathways is then achieved using multiple-sequence analysis and cluster analysis of the British Household Panel Survey, contextualised by qualitative interviews with a large sample of young people. The authors describe how the interactions between the meanings, perceptions, and aspirations of young people, and the opportunities and constraints imposed by the drivers, are having a major impact on young people's housing pathways, resulting in considerable housing policy challenges, particularly in relation to the private rented sector.
This study investigates knowledge-workers’ housing preferences in terms of tenure, dwelling type, location and size. The analysis is conducted by applying a joint multinomial-logit ordered-response model to the housing choices of knowledge workers residing in the Tel-Aviv metropolitan region and working in the high-tech and finance sectors. The results confirm the following hypotheses: (i) controlling for socioeconomic characteristics and workplace, knowledge-workers’ housing choices relate to their lifestyle; (ii) knowledge-workers with a culture-oriented lifestyle prefer to rent small apartments in central locations; (iii) knowledge-workers with a home oriented lifestyle prefer large dwelling units, mainly single-detached houses, in suburban locations.
This paper re-considers the arguments for reforming housing taxation in the UK on the basis of a review of evidence on the macro- and micro-economic effects of homeownership. The paper then examines the political economy of feasible tax reform. This currently involves a context of extreme fiscal pressure and a political system wedded to the housing tax status quo. The paper concludes by suggesting elements of a strategy to progress a much-needed debate on taxation that is consistent with but goes beyond arguments recently made by Shelter and the Joseph Rowntree Foundation Housing Market Task Force.
Homeownership has become a ‘normalised’ tenure of choice in many advanced economies, with housing playing a pivotal role in shifts from collective to asset-based welfare. Young people are, however, increasingly being excluded from accessing the housing ladder. Many are remaining in the parental home for longer, and even when ready to ‘fly the nest’ face significant challenges in accessing mortgage finance. This under-30 age group has become ‘generation rent’. As this policy review emphasises, this key public-policy issue has created a source of inter-generational conflict between ‘housing poor’ young people and their ‘housing rich’ elders. To fully understand the complexities at play however, this paper argues that we need to look beyond the immediate housing-market issues and consider how housing policy interacts with broader social, economic and demographic shifts, and how it is intimately connected to debates about welfare. This is illustrated with reference to the UK, although these debates have international resonance.
This paper seeks to establish legitimacy for the creation of housing theory. It begins by creating a distinction between dwelling and housing policy. I argue that the latter is the staple focus of most housing research, but that this presents only a partial picture of housing phenomena and artificially restricts the field of housing studies. By introducing the concept of dwelling the field of housing studies is widened to consider the ordinary use of housing, and this opens up a number of possibilities for theory creation. Having done this, in the second part of the paper I consider the nature of housing theory and the main arguments against theory creation. I seek to provide a coherent and substantial counterargument to these objections. In the final section of the paper I present a brief outline of how we might create housing theory using the example of the concept of accommodation.
In this article, I argue that the trends associated with the second demographic transition are following two trajectories and leading to greater disparities in children's resources. Whereas children who were born to the most-educated women are gaining resources, in terms of parents' time and money, those who were born to the least-educated women are losing resources. The forces behind these changes include feminism, new birth control technologies, changes in labor market opportunities, and welfare-state policies. I contend that Americans should be concerned about the growing disparity in parental resources and that the government can do more to close the gap between rich and poor children.
Attempts to define the determinants of tenure choice in the housing market. Two basic approaches are identified - the first looks at factors affecting the choice of a single consumer, and the second is to solve for theoretical market equilibrium, dividing everyone into renters or owners. Analyzes the economic differences between renting and owning, and identifies unattractive externalities associated with the former, and investment assets of the latter. Finally, examines tax impacts on choice and shows variations in housing consumption with capital market imperfections.-L.Martin
Households and Housing: Choice and Outcomes in the Housing Market
- W A V Clark
- F Dieleman
Clark, W. A. V., and F. Dieleman. 1996. Households and Housing: Choice and Outcomes in the
Housing Market. Rutgers: State University, Center for Urban Policy Research.
It's Becoming More Common for Young Adults to Live at Home -And for Longer Stretches
- R Fry
Fry, R. 2017. It's Becoming More Common for Young Adults to Live at Home -And for Longer
Stretches. Washington, DC: Pew Research Center.
Headship and Homeownership: What Does the Future Hold
- L Goodman
- R Pendall
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Goodman, L., R. Pendall, and J. Zhu. 2015. Headship and Homeownership: What Does the Future
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The Future Course of US Homeownership Rates
- D Haurin
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Generation Rent' and the Fallacy of Choice
- K Mckee
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Cohort Momentum and Future Ownership: The Outlook to 2050
- D Myers
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Cityscape, a Journal of Policy Development and Research 18: 131-143.
On the Plausibility of a 53% Homeownership Rate by 2050
- A Nelson
Nelson, A. 2016. "On the Plausibility of a 53% Homeownership Rate by 2050." Cityscape, A Journal
of Policy Development and Research 18: 125-129.
Housing Costs, Zoning and Access to High Scoring Schools
- J Rothwell
Rothwell, J. 2012. Housing Costs, Zoning and Access to High Scoring Schools. Brookings, Washington,
D.C: Metropolitan Policy Program.
Does Student Debt Reduce Earnings
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Economics, Princeton University.