The Impact of Parental Wealth on College Degree Attainment: Evidence from the Housing Boom and Bust

摘要

Blacks lost more wealth due to the real estate and foreclosure crisis than any single event in recent history. Home ownership accounts for more than 80 percent of wealth for the average US household. This study demonstrates significant effects of changes in parental wealth induced by house price shocks during the years immediately preceding high school graduation on college degree attainments, with lower- and middle-income students most affected.