Cohort insights into recovery of Millennial homeownership after the Great Recession

Dowell Myers, Hyojung Lee and Patrick A. Simmons

Journal of Housing Economics, 2020, vol. 47, issue C

Abstract: Analysis tests the differences between age and cohort rates of homeownership, and evaluates lagged factors that have delayed Millennial home buying following the Great Recession. The first lag is structural: age group rates of homeownership are stock accumulations of home buying in prior years, slowly changing and heavily weighted by past achievement. In contrast, the inflow of homeowners is reflected in cohorts’ annual net increments of homeownership and provides a better measure of current demand. These cohort gains in homeownership rates turned sharply upward after 2012, four years earlier than age group rates finally stabilized. Increases in cohort rates of homeownership are shown to be much more predictive of aggregate home buying in a given period than the slowly-changing, age group (stock) rates.

Keywords: Homeownership; Cohorts; Millennials; Great Recession (search for similar items in EconPapers)
JEL-codes: D15 J11 R21 R31 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jhouse:v:47:y:2020:i:c:s1051137718300445

DOI: 10.1016/j.jhe.2019.01.004

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