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Tuition, jobs, or housing: what's keeping millennials at home?

Zachary Bleemer (), Meta Brown, Donghoon Lee () and Wilbert van der Klaauw ()

No 700, Staff Reports from Federal Reserve Bank of New York

Abstract: This paper documents marked changes in young Americans? residence choices over the past fifteen years, with recent cohorts delaying homeownership and lingering much longer in parents? households. To understand the sources and implications of this decline in independence, we estimate the contributions of local economic circumstances to the decision to live with parents or independently. Transition models, local aggregates, and state-cohort tuition patterns are used to address the likely presence of individual- and neighborhood-level unobserved heterogeneity. Employment and housing market estimates imply countervailing influences of local economic growth on co-residence. Increasing college costs, however, unambiguously favor co-residence with parents.

Keywords: household information; mobility; student loans (search for similar items in EconPapers)
JEL-codes: D14 E24 R21 (search for similar items in EconPapers)
Date: 2014-11-01, Revised 2015-09-01
New Economics Papers: this item is included in nep-mac and nep-ure
Note: Previous title: "Debt, Jobs, or Housing: What’s Keeping Millennials at Home?"
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