Acquisition capital: using a new concept to explore housing outcomes among millennials in the United States

References

• Aalbers, M. B. (2008) The financialization of home and the mortgage market crisis, Competition & Change, 12, pp. 148–166.
   Web of Science ®Google Scholar
• Artle, R. & Varaiya, P. (1978) Life cycle consumption and homeownership, Journal of Economic Theory, 18, pp. 38–58.
   Web of Science ®Google Scholar
• Adkins, L., Cooper, M. & Konigs, M. (2020) The Asset Economy (Cambridge: Polity Press).
   Google Scholar
• Allison, P. (2012) When can you safely ignore multicollinearity? Statistical Horizons. Available at https://statisticalhorizons.com/multicollinearity/
   Google Scholar
• Ammerman, D. A. & Stueve, C. (2019) Childhood financial socialization and debt-related financial well-being indicators in adulthood, Journal of Financial Counseling and Planning, 30, pp. 213–230.
   Web of Science ®Google Scholar
• Arundel, R. (2017) Equity inequity: Housing wealth inequality, inter and intra-generational divergences, and the rise of private landlordism, Housing, Theory and Society, 34, pp. 176–200.
   Web of Science ®Google Scholar
• Barakova, I., Bostic, R. W., Calem, P. S. & Wachter, S. M. (2003) Does credit quality matter for homeownership? Journal of Housing Economics, 12, pp. 318–336.
   Web of Science ®Google Scholar
• Barakova, I., Calem, P. S. & Wachter, S. M. (2014) Borrowing constraints during the housing bubble, Journal of Housing Economics, 24, pp. 4–20.
   Web of Science ®Google Scholar
• Bendall, C. (2022) A family affair: The role of intergenerational norm transfer in shaping finances in adult relationships, Journal of Social Welfare and Family Law, 44, pp. 144–168.
   Web of Science ®Google Scholar
• Bhutta, N., Bricker, J., Chang, A. C., Dettling, L. J., Goodman, S., Hsu, J. W., Moore, K. B., Reber, S., Volz, A. H. & Windle, R. A. (2020a) Changes in U.S. Family finances from 2016 to 2019: Evidence from the survey of consumer finances, Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances, 106, pp. 1–42.
   Google Scholar
• Bhutta, N., Chang, A. C., Dettling, L. J. & Hsu, J. W. (2020b) Disparities in wealth by race and ethnicity in the 2019 survey of consumer finances, FEDS Notes. Washington: Board of Governors of the Federal Reserve System, September 28, 2020. doi: 10.17016/2380-7172.2797
   Google Scholar
• Bond, S. A. & Eriksen, M. D. (2021) The role of parents on the home ownership experience of their children: Evidence from the health and retirement study, Real Estate Economics, 49, pp. 433–458.
   Web of Science ®Google Scholar
• Bourdieu, P. (1986) The forms of capital (English version), in J.C. Richardson (Ed) Handbook of Theory and Research for the Sociology of Education, pp. 241–258 (Westport, CT: Greenwood).
   Google Scholar
• Bricker, J. & Thompson, J. (2016) Does education loan debt influence household financial distress? An assessment using the 2007–2009 survey of consumer finances panel, Contemporary Economic Policy, 34, pp. 660–677.
   Web of Science ®Google Scholar
• Brown, B. & Caldwell, S. (2013) Young student loan borrowers retreat from housing and auto markets. Available at http://libertystreeteconomics.newyorkfed.org/2013/ 04/young-student-loan-borrowers-retreat-from-housing-and-auto-markets.html#.VZRZKk3bKM8 (accessed 15 April 2022).
   Google Scholar
• Bogardus Drew, R. (2014) Believing in Homeownership: Behavioural Drivers of Housing Tenure Decisions, Working paper no. 14-3. Cambridge: Joint Center for Housing Studies at Harvard University.
   Google Scholar
• Campbell, J. Y. (2006) Household finance, The Journal of Finance, 61, pp. 1553–1604.
   Web of Science ®Google Scholar
• Cook, J. (2021) Keeping it in the family: Understanding the negotiation of intergenerational transfers for entry into homeownership, Housing Studies, 36, pp. 1193–1211.
   Web of Science ®Google Scholar
• Coulter, R. (2018) Parental background and housing outcomes in young adulthood, Housing Studies, 33, pp. 201–223.
   Web of Science ®Google Scholar
• Crawford, J. & McKee, K. (2018) Hysteresis: Understanding the housing aspirations gap, Sociology, 52, pp. 182–197.
   Google Scholar
• Crouch, C. (2009) Privatised keynesianism: An unacknowledged policy regime, The British Journal of Politics and International Relations, 11, pp. 382–399.
   Web of Science ®Google Scholar
• Davidson, R. (2012) The emergence of popular personal finance magazines and the risk shift in American society, Media, Culture & Society, 34, pp. 3–20.
   Web of Science ®Google Scholar
• Dewilde, C. & Flynn, L. B. (2021) Post-crisis developments in young adults’ housing wealth, Journal of European Social Policy, 31, pp. 580–596.
   Web of Science ®Google Scholar
• Doling, J. & Ronald, R. (2010) Home ownership and asset-based welfare, Journal of Housing and the Built Environment, 25, pp. 165–173.
   Web of Science ®Google Scholar
• Federal Reserve. (n.d) Standard error calculations. Available at https://www.federalreserve.gov/econres/files/standard_error_documentation.pdf
   Google Scholar
• Fisher, J. D. M. & Gervais, M. (2011) Why has homeownership fallen among the young?, International Economic Review, 52, pp. 883–912.
   Web of Science ®Google Scholar
• Flynn, L. & Schwartz, H. M. (2017) No exit: Social reproduction in an era of rising income inequality, Politics & Society, 45, pp. 471–503.
   Web of Science ®Google Scholar
• Gibson-Davis, C. M. & Percheski, C. (2018) Children and the elderly: Wealth inequality among america’s dependents, Demography, 55, pp. 1009–1032.
   PubMed Web of Science ®Google Scholar
• Guiso, L. & Jappelli, T. (2002) Private transfers, borrowing constraints and the timing of homeownership, Journal of Money, Credit and Banking, 34, pp. 315–339.
   Web of Science ®Google Scholar
• Hackel, E. & Shan, H. (2014) Millennials: The Housing Edition (New York, NY: Goldman Sachs Global Investment Research).
   Google Scholar
• Hacker, J. S. (2004) Privatizing risk without privatizing the welfare state: The hidden politics of social policy retrenchment in the United States, American Political Science Review, 98, pp. 243–260.
   Web of Science ®Google Scholar
• Haffner, M. E., Ong, R., Smith, S. J. & Wood, G. A. (2017) The edges of home ownership–the borders of sustainability, International Journal of Housing Policy, 17, pp. 169–176.
   Web of Science ®Google Scholar
• Hendershott, P. H., Ong, R., Wood, G. A. & Flatau, P. (2009) Marital history and homeownership: Evidence from Australia, Journal of Housing Economics, 18, pp. 13–24.
   Web of Science ®Google Scholar
• Hira, T. K. (1997) Financial attitudes, beliefs and behaviours: Differences by age, Journal of Consumer Studies and Home Economics, 21, pp. 271–290.
   Google Scholar
• Huber, C. (n.d) In the spotlight: Interpreting models for log transformed outcomes. Stata News32. Available at https://www.stata.com/stata-news/news34-2/spotlight/ (accessed 2 March 2022).
   Google Scholar
• Horioka, C. Y. & Niimi, Y. (2020) Was the expansion of housing credit in Japan good or bad? Japan and the World Economy, 53, pp. 100996.
   Web of Science ®Google Scholar
• Kear, M. (2017) Playing the credit score game: Algorithms, ‘positive’ data and the personification of financial objects, Economy and Society, 46, pp. 346–368.
   Web of Science ®Google Scholar
• Kemeny, J. (1980) Home ownership and privatisation, International Journal of Urban and Regional Research, 4, pp. 372–388.
   Google Scholar
• Köppe, S. & Searle, B. (2017) Housing wealth and welfare over the life course, in: R. Ronald & C. Dewilde (Eds) Housing Wealth and Welfare, pp. 85–107 (Cheltenham: Edward Elgar Publishing).
   Google Scholar
• Köppe, S. (2018) Passing it on: Inheritance, coresidence and the influence of parental support on homeownership and housing pathways, Housing Studies, 33, pp. 224–246.
   Web of Science ®Google Scholar
• Langley, P. (2008) The Everyday Life of Global Finance: Saving and Borrowing in Anglo- America (Oxford: Oxford University Press).
   Google Scholar
• Lee, H., Myers, D., Painter, G., Thunell, J. & Zissimopoulos, J. (2020) The role of parental financial assistance in the transition to homeownership by young adults, Journal of Housing Economics, 47, pp. 101597.
   Web of Science ®Google Scholar
• Lee, S. T. & Kim, K. T. (2022) A decomposition analysis of racial/ethnic differences in financial knowledge and overconfidence, Journal of Family and Economic Issues, 43, pp. 815–831.
   Web of Science ®Google Scholar
• Li, S., Li, J. & Ouyang, A. Y. (2017) Housing and Household Wealth Inequality: Evidence from the People’s Republic of China, Working paper no. 671. Tokyo, Japan: Asian Development Bank Institute (ADBI).
   Google Scholar
• Lux, M., Samec, T., Bartos, V., Sunega, P., Palguta, J., Boumová, I. & Kážmér, L. (2018) Who actually decides? Parental influence on the housing tenure choice of their children, Urban Studies, 55, pp. 406–426.
   Web of Science ®Google Scholar
• Maman, D. & Rosenhek, Z. (2020) Facing future uncertainties and risks through personal finance: Conventions in financial education, Journal of Cultural Economy, 13, pp. 303–317.
   Web of Science ®Google Scholar
• Martin, R. (2002) Financialization of Daily Life (Philadelphia, PA: Temple University Press).
   Google Scholar
• Martinez, B. & Aja, A. (2021) How race counts for latinx homeownership, Critical Sociology, 47, pp. 993–1011.
   Web of Science ®Google Scholar
• McKee, K. (2012) Young people, homeownership and future welfare, Housing Studies, 27, pp. 853–862.
   Web of Science ®Google Scholar
• Mezza, A., Ringo, D., Sherlund, S. & Sommer, K. (2020) Student loans and homeownership, Journal of Labor Economics, 38, pp. 215–260.
   Web of Science ®Google Scholar
• Mulder, C. H. & Smits, A. (2013) Inter-generational ties, financial transfers, and home-ownership support, Journal of Housing and the Built Environment, 28, pp. 95–112.
   Web of Science ®Google Scholar
• National Association of Realtors. (2021) Profile of home buyers and sellers (Snapshot). Available at https://cdn.nar.realtor/sites/default/files/documents/2021-highlights-from-the-profile-of-home-buyers-and-sellers-11-11-2021.pdf.
   Google Scholar
• Nielsen, R. B. (2015) SCF Complex Sample Specification for Stata Technical Note (Athens, Georgia: University of Georgia Department of Financial Planning Housing and Consumer Economics). Available at https://www.researchgate.net/publication/291814973_SCF_Complex_Sample_Specification_for_Stata.
   Google Scholar
• Pierson, P. (2001) New Politics of the Welfare State (Oxford: Oxford University Press).
   Google Scholar
• Putnam, R. (1993) The prosperous community: Social capital and public life, The American Prospect, 13, pp. 35–42.
   Google Scholar
• Ong, R., Parkinson, S., Searle, B. A., Smith, S. J. & Wood, G. A. (2013) Channels from housing wealth to consumption, Housing Studies, 28, pp. 1012–1036.
   Web of Science ®Google Scholar
• Ratiu, G. (2021) First time buyers embrace homeownership in challenging 2021 market, Realtor.com. March 25. Available at https://www.realtor.com/research/prospective-first-time-buyers-homeownership-2021 (accessed 15 February 2022).
   Google Scholar
• Robertson-Rose, L. (2020) ‘Because My father told me to’: Exploratory insights into parental influence on the retirement savings behavior of adult children, Journal of Family and Economic Issues, 41, pp. 364–376.
   Web of Science ®Google Scholar
• Ronald, R., Druta, O. & Godzik, M. (2018) Japan’s urban singles: Negotiating alternatives to family households and standard housing pathways, Urban Geography, 39, pp. 1018–1040.
   Web of Science ®Google Scholar
• Ronald, R. & Lennartz, C. (2018) Housing careers, intergenerational support, and family relations, Housing Studies, 33, pp. 147–159.
   Web of Science ®Google Scholar
• Ronald, R., Lennartz, C. & Kadi, J. (2017) What ever happened to asset-based welfare? Shifting approaches to housing wealth and welfare security, Policy & Politics, 45, pp. 173–193.
   Web of Science ®Google Scholar
• Savage, M. (2015) Social Class in the 21st Century. (London: Penguin UK).
   Google Scholar
• Shapiro, J. M. (2021) Common Cents: An analysis of financial literacy and socioeconomic mobility in the United States, Master’s Thesis, Georgetown University.
   Google Scholar
• Shim, S., Barber, B. L., Card, N. A., Xiao, J. J. & Serido, J. (2010) Financial socialization of First-Year college students: The roles of parents, work, and education, Journal of Youth and Adolescence, 39, pp. 1457–1470.
   PubMed Web of Science ®Google Scholar
• Smith, S. J., Clark, W. A., Ong Vifor, J, R., Wood, G. A. Lisowski, W. & Truong, N. K. (2022) Housing and economic inequality in the long run: The retreat of owner occupation, Economy and Society, 51, pp. 161–186.
   Web of Science ®Google Scholar
• Sorensen, A. (2002) The Making of Urban Japan: Cities and Planning from Edo to the Twenty-first Century (London: Routledge).
   Google Scholar
• Squires, G., Lowies, B., Rossini, P. & Mcgreal, S. (2022) Locked out: Generational inequalities of housing tenure and housing type, Property Management, 40, pp. 510–526.
   Web of Science ®Google Scholar
• US Federal Reserve (n.d) About the survey of consumer finances (SCF). Available at https://www.federalreserve.gov/econres/aboutscf.htm (accessed 12 December 2022).
   Google Scholar
• Ullah, S. & Yusheng, K. (2020) Financial socialization, childhood experiences and financial Well-Being: The mediating role of locus of control, Frontiers in Psychology, 11, pp. 2162.
   PubMed Web of Science ®Google Scholar
• van der Zwan, N. (2014) Making sense of financialization, Socio-Economic Review, 12, pp. 99–129.
   Web of Science ®Google Scholar
• Xu, Y., Johnson, C., Bartholomae, S., O’Neill, B. & Gutter, M. S. (2015) Homeownership among millennials: The deferred American dream? Family and Consumer Sciences Research Journal, 44, pp. 201–212.
   Web of Science ®Google Scholar
• Van Kerm, P. (2017) Estimation and inferences for quantiles and indices of inequality and poverty with survey data. 2017 UK Stata Users Group meeting, London, September 7-8, 2017. Available at https://www.stata.com/meeting/uk17/slides/uk17_VanKerm.pdf.
   Google Scholar
• Ward, S. (1974) Consumer socialization, Journal of Consumer Research, 1, pp. 1–14.
   Web of Science ®Google Scholar
• Webley, P. & Nyhus, E. K. (2006) Parents’ influence on children’s future orientation and saving, Journal of Economic Psychology, 27, pp. 140–164.
   Web of Science ®Google Scholar
• Whitehead, C. & Williams, P. (2017) Changes in the Regulation and Control of Mortgage Markets and Access to Owner-occupation among Younger Households. Working paper no. 196. Paris, France: OECD, Social, Employment and Migration Working Papers, No. 196.
   Google Scholar
• Williams, R. B. (2017) Wealth privilege and the racial wealth gap: A case study in economic stratification, The Review of Black Political Economy, 44, pp. 303–325.
   Google Scholar
• Wong, K. & Herman, L. (2020) Market Snapshot: First-time Homebuyers (Washington, DC: Consumer Financial Protection Bureau).
   Google Scholar
• Wood, G., Parkinson, S., Searle, B. & Smith, S. J. (2013) Motivations for equity borrowing: A welfare-switching effect, Urban Studies, 50, pp. 2588–2607.
   Web of Science ®Google Scholar