The Impact of Parental Wealth on College Degree Attainment: Evidence from the Housing Boom and Bust
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This study provides new evidence on the impact of parental wealth on college degree attainment. Using geocoded data from the Panel Study of Income Dynamics (1968-2017) linked to local housing price data from the Federal Housing Finance Agency, the empirical strategy analyzes parental housing wealth changes induced by local housing booms of the late 1990s-early 2000s and the subsequent housing bust of the 2007-2009 period. 2SLS/IV estimates show parental wealth significantly increases the likelihood of earning a four-year college degree. Moreover, the combined effects of parental income and wealth are significantly greater than the effects of income alone.
2013 ◽
Vol 35
(1)
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pp. 57-75
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2015 ◽
Vol 130
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pp. 234-241
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