打印

作者

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.86,P.54-72

语言

英文

关键字

I22;I24;I25;R21;House prices;Homeownership;Intergenerational earnings;Wealth effects;Home equity borrowing

作者单位

Federal Reserve Bank of Boston, United States;Northeastern University, United States;Federal Reserve Bank of Boston, United States;Northeastern University, United States

摘要

This paper examines whether rising house prices immediately prior to children entering college have an impact on their earnings as adults. Higher house prices provide homeowners with additional funding to invest in their children’s human capital but also raise housing costs. The results show that a 1 percentage point increase in house prices, when children are 17 years-old, results in roughly 0.9 percent higher annual income for the children of homeowners, and 1.5 percent lower annual income for the children of renters. House price appreciation at age 17 also leads to higher college enrollment rates at age 19 and an increased likelihood of attendance at higher ranked post-secondary institutions for children of homeowners, as well as lower college enrollment rates for children of renters.