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Post-crisis developments in young adults' housing wealth
Dewilde,Caroline Flynn,Lindsay B.
Dewilde,Caroline
Flynn,Lindsay B.
Abstract
How has housing wealth inequality changed for young-adult households in the post-financial crisis period, and what is driving such change? We chart a path for subsequent studies by analysing the previously unexamined post-crisis housing wealth profile of young adults via different angles and using multiple inequality measures. Using household micro-data for 11 European countries (Household Finance and Consumption Survey, 2010–2017) and the United States (Survey of Consumer Finances, 2010–2016), we find that the accumulation of housing assets for 22–44 year olds is unevenly concentrated among high-income homeowners, over and above what would be expected given the well-known decline in homeownership. We describe and assess several potential drivers for these wealth profile changes, finding that the current explanations offered in the literature do not adequately account for the unequal wealth profile of young people. We conclude that a mix of dynamics, including housing market volatility, housing market configurations leading to uneven capital gains and losses, and the increased social selectivity of homeownership intersect to shape the ways that young adults navigate the housing market in post-crisis times.
Description
Funding The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: This study is supported by Fonds National de la Recherche Luxembourg (FNR-ATTRACT project 14345912).
Date
2021
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Publisher
Research Projects
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Keywords
HOMEOWNERSHIP, INEQUALITY, WELFARE, comparative research, housing provision, housing wealth, wealth concentration, young adults, SDG 1 - No Poverty, SDG 10 - Reduced Inequalities, SDG 11 - Sustainable Cities and Communities
Citation
Dewilde, C & Flynn, L B 2021, 'Post-crisis developments in young adults' housing wealth', Journal of European Social Policy, vol. 31, no. 5, pp. 580-596. https://doi.org/10.1177/09589287211040443