Can higher education help boost homeownership?
The latest research on the relationship between a college degree and homeownership reveals no big surprises. But it does offer some new insights confirming previous studies finding that education is a key factor in determining who is likelier to buy a home.
A new working paper from researchers at the University of Southern California (USC) and sponsored by Fannie Mae — “Education and the Intergenerational Transmission of Homeownership” — suggests that a college education boosts the chances of young households being homeowners. And that is largely independent of parental resources that may have helped increase educational opportunities.
“Policies to increase attainment of a college degree have well-known benefits in the labor market and for wealth accumulation by households,” according to study authors Gary Painter, Dowell Myers, and Julie Zissimopolous.
The report suggests that yet another benefit of providing broader access to higher education is improving access to homeownership.