Student Loans and Homeownership

• 成果类型: Article
• 署名作者: Mezza, Alvaro; Ringo, Daniel; Sherlund, Shane; Sommer, Kamila
• 署名单位: Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/704609
• 发表日期: 2020
• 页码: 215-260
• 关键词: educational debt; early-career; attendance; enrollment; anomalies

摘要

We estimate the effect of student loan debt on subsequent homeownership in a uniquely constructed administrative data set for a nationally representative cohort. We instrument for the amount of individual student debt using changes to the in-state tuition rate at public 4-year colleges in the student's home state. A $1,000 increase in student loan debt lowers the homeownership rate by about 1.8 percentage points for public 4-year college-goers during their mid-20s, equivalent to an average delay of about 4 months in attaining homeownership. Validity tests suggest the results are not confounded by local economic conditions or changes in educational outcomes.