Abstract:This article reviews external and internal factors influencing homeownership decisions for millennials, that is, those who were born between the 1980s and the early 2000s. The article was written by a multistate group of land‐grant university researchers to inform future research. The review of literature suggests that credit accessibility is an important external factor for millennials’ homeownership. Also important are life cycle factors such as financial resources and student loans liabilities, and family d… Show more
“…These include effects of student loan debt on expected hourly wages (Minicozzi 2005;Daniels Jr. and Smythe 2019), career choices (Rothstein and Rouse 2011), homeownership rates (Mezza et al 2016;Shand 2007;Xu et al 2015), net worth and retirement savings Hiltonsmith 2013;Rutledge, Sanzenbacher, and Vitagliano 2018), financial distress (Bricker and Thompson 2016), delinquencies, and repayment burdens (Akers 2014;Houle and Berger 2015). 3 The Pew Research Center has published numerous reports about the financial health of young families on a regular basis.…”
There is evidence of a large and growing student debt burden over the last decade. Previous research has shown that the presence of student debt jeopardized the short‐term financial wealth of U.S. households during the Great Recession. We examine the effects of student loan use on the wealth of U.S. households post‐recession, using recent data from the 2013 and 2016 Survey of Consumer Finances. We find that mean 2016 wealth for households with no outstanding student debt is more than four times higher than households with student debt. We find that living in a household at the 15th, 30th, 50th, 70th, and 85th percentile of the wealth distribution with student debt is associated with an 80%, 49%, 37%, 35%, and 36% wealth loss compared with a similar household with no student debt. Our decomposition results suggest that student loan use can explain between 3% and 7% of the Black‐White wealth gap across the wealth distribution but is insignificant in explaining the Hispanic‐White wealth gap.
“…These include effects of student loan debt on expected hourly wages (Minicozzi 2005;Daniels Jr. and Smythe 2019), career choices (Rothstein and Rouse 2011), homeownership rates (Mezza et al 2016;Shand 2007;Xu et al 2015), net worth and retirement savings Hiltonsmith 2013;Rutledge, Sanzenbacher, and Vitagliano 2018), financial distress (Bricker and Thompson 2016), delinquencies, and repayment burdens (Akers 2014;Houle and Berger 2015). 3 The Pew Research Center has published numerous reports about the financial health of young families on a regular basis.…”
There is evidence of a large and growing student debt burden over the last decade. Previous research has shown that the presence of student debt jeopardized the short‐term financial wealth of U.S. households during the Great Recession. We examine the effects of student loan use on the wealth of U.S. households post‐recession, using recent data from the 2013 and 2016 Survey of Consumer Finances. We find that mean 2016 wealth for households with no outstanding student debt is more than four times higher than households with student debt. We find that living in a household at the 15th, 30th, 50th, 70th, and 85th percentile of the wealth distribution with student debt is associated with an 80%, 49%, 37%, 35%, and 36% wealth loss compared with a similar household with no student debt. Our decomposition results suggest that student loan use can explain between 3% and 7% of the Black‐White wealth gap across the wealth distribution but is insignificant in explaining the Hispanic‐White wealth gap.
“…The anthropology majors among them understand themselves to be privileged members of the wealthiest nation on earth, and they carry this knowledge with a certain unease. Yet many will struggle with unprecedented levels of student loan debt, which combined with shrinking options in lucrative and meaningful employment, lack of job security, wage stagnation, and tightening credit markets, will force many to postpone marriage and family, as well as ownership of the "nice houses" of which they so often dream (Bozick and Estacion 2014;Xu et al 2015). They know that many recent college graduates wind up languishing in retail work at the mall or in serving positions at local restaurants.…”
The neurocognitive theory of dreaming posits that there is a specific neural network for dreaming and that dream content is continuous with a dreamer's waking concerns. This article extends this model of dreaming by arguing that the continuity principle applies not only to intrapsychic states; dream content also frequently indexes significant shifts in the cultural atmosphere. A prominent but understudied exemplar of such indices is the appearance of media content in dreams. This article underscores such media content as an area worthy of anthropological scrutiny and focuses on celebrity dreams among US college students as a site for theorizing the imbrication of dreaming, self, and culture. It is argued that celebrity dreams index recent and dramatic shifts in media ecologies (including embodied engagement with smartphones and formative encounters with reality television) as well as middle‐class young women's interiorized struggles over the expectations and exhortations associated with mounting a neoliberal and feminine public self.
“…The composite measure of financial distress had an average value of 0.886 for this sample, meaning the average young adult had experienced one out of the six measures of distress. The relatively high rate of insolvency in part reflects that some of the homeowners (about 40% of our sample) could be underwater with their mortgages during the onset of the U.S. Great Recession, and the potential impact of unpaid student loans (Xu, Johnson, Bartholomae, O'Neil, & Gutter, 2015).…”
JEL classification: D14 D12PsycINFO classification: 3900 3920 a b s t r a c t Researchers have become increasingly interested in understanding the sources of heterogeneity in individual financial behaviors. In this paper, we examine how the Big Five personality traits are related to measures of young adults' financial distress. Using data from the National Longitudinal Study of Adolescent to Adult Health in the United States, we find that conscientiousness is negatively correlated, and neuroticism positively correlated with financial distress. These correlations are robust to controlling for early life background and other demographic and socioeconomic factors. Young adulthood sets the stage for financial security in later life; as such, this study provides insight for lifelong financial wellbeing. Based on the empirical results, we discuss potential behavioral and policy interventions that can be used to improve financial wellbeing.
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