{"id":53693,"date":"2016-10-04T17:09:13","date_gmt":"2016-10-05T00:09:13","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=53693"},"modified":"2020-10-05T16:22:45","modified_gmt":"2020-10-05T23:22:45","slug":"homeownership-and-education","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/homeownership-and-education\/","title":{"rendered":"Homeownership and Education: Highly Educated Households Are Not Immune to Homeownership Declines"},"content":{"rendered":"<ul style=\"font-size: .9em\">\n<li style=\"font-weight: 800\"><span style=\"font-weight: 800\">The gap between the rates of homeownership among the most educated and the least educated widened between 1995 and 2005, and then held steady from 2005 to 2015.<\/span><\/li>\n<li style=\"font-weight: 800\"><span style=\"font-weight: 800\">The portion of Americans who own their homes fell nationwide for all education levels over the last 10 years, even among the most educated households.<\/span><\/li>\n<li style=\"font-weight: 800\"><span style=\"font-weight: 800\">High school graduates have the same rate of homeownership&#8211;61 percent&#8211;as households headed by people who went to college but didn\u2019t finish, even though the high school graduates have a significantly lower median household income.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/08\/working-class-homeownership-still-possible-in-many-big-u-s-cities.html\"><span style=\"font-weight: 400\">homeownership rate is shrinking<\/span><\/a><span style=\"font-weight: 400\"> and signs of a massive decline that spans education levels are becoming clearer. Over the last 10 years, the national rate has fallen by four percent to 63 percent of Americans owning homes. One driver is home prices moving faster than incomes, so something big has to shift for this pattern to reverse. In the most recent data, <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/09\/mortgage-rates-homebuyers-might-not-need-to-depend-on-low-rates-anymore.html\"><span style=\"font-weight: 400\">incomes increased the most they have in decades<\/span><\/a><span style=\"font-weight: 400\">, but the homeownership rate still didn\u2019t keep pace.<\/span><\/p>\n<h3><strong>It hasn\u2019t always been this way: The education-homeownership gap widened between 1995 and 2005<\/strong><\/h3>\n<figure id=\"media-53704\" class=\"align-none\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/09\/lines_period_1.png\" alt=\"The homeownership-education gap widened between 1995 and 2005\" width=\"220\" height=\"546\" \/><figcaption>The homeownership-education gap widened between 1995 and 2005<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">The gap in the rate of homeownership between households with a bachelor\u2019s degree or higher and those that didn\u2019t graduate high school widened nationwide from 14 percent to 21 percent between 1995 and 2005. This was due to the college-educated group increasing their rate of homeownership while the group that didn\u2019t graduate high school decreased their rate of homeownership.<\/span><\/p>\n<h3><strong>In the last 10 years the declining rate of homeownership in the U.S. has been steady across levels of education<\/strong><\/h3>\n<p><span style=\"font-weight: 400\">After the gap set in, it held steady for the last 10 years, even as the rate declined in lockstep across education levels. It\u2019s as if the architects and the carpet installers have been running down a hill holding hands; they\u2019re both getting closer to renting and further from buying at about the same pace. <\/span><\/p>\n<figure id=\"media-53702\" class=\"align-none\"><img decoding=\"async\" class=\"\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/09\/lines_period_2.png\" alt=\"The rate of homeownership declined between 2005 and 2015.\" width=\"491\" height=\"549\" \/><figcaption>The rate of homeownership declined between 2005 and 2015.<\/figcaption><\/figure>\n<h3><strong>The cities where the gap is widest and narrowest<\/strong><\/h3>\n<p><span style=\"font-weight: 400\">The homeownership and education gap is wider in some cities. Here are the top 10 cities in the analysis where the homeownership gap is the widest, comparing the rate of homeownership within each group for households with a bachelor\u2019s degree or higher to those who didn\u2019t finish high school.<\/span><\/p>\n<table style=\"font-size: .8em\">\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">Rank<\/span><\/td>\n<td><span style=\"font-weight: 400\">City<\/span><\/td>\n<td><span style=\"font-weight: 400\">Homeownership rate among households headed by a bachelor\u2019s or higher degree-holder <\/span><\/td>\n<td><span style=\"font-weight: 400\">Homeownership rate among households headed by someone without a high school degree<\/span><\/td>\n<td><span style=\"font-weight: 400\">Ownership gap between bachelor\u2019s degree householders and those who did not finish high school<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">1<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/30844\"><span style=\"font-weight: 400\">Frisco, Texas<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">83%<\/span><\/td>\n<td><span style=\"font-weight: 400\">35%<\/span><\/td>\n<td><span style=\"font-weight: 400\">48%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">2<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/35713\"><span style=\"font-weight: 400\">Cary, North Carolina<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">76%<\/span><\/td>\n<td><span style=\"font-weight: 400\">29%<\/span><\/td>\n<td><span style=\"font-weight: 400\">47%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">3<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/1387\"><span style=\"font-weight: 400\">Bellevue, Washington<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">56%<\/span><\/td>\n<td><span style=\"font-weight: 400\">11%<\/span><\/td>\n<td><span style=\"font-weight: 400\">46%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">4<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/17911\"><span style=\"font-weight: 400\">Santa Rosa, California<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">67%<\/span><\/td>\n<td><span style=\"font-weight: 400\">25%<\/span><\/td>\n<td><span style=\"font-weight: 400\">42%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">5<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/17911\"><span style=\"font-weight: 400\">St. Paul, Minnesota<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">64%<\/span><\/td>\n<td><span style=\"font-weight: 400\">22%<\/span><\/td>\n<td><span style=\"font-weight: 400\">42%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">6<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/3478\"><span style=\"font-weight: 400\">Charleston, South Carolina<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">64%<\/span><\/td>\n<td><span style=\"font-weight: 400\">23%<\/span><\/td>\n<td><span style=\"font-weight: 400\">41%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">7<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/30839\"><span style=\"font-weight: 400\">Aurora, Colorado<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">73%<\/span><\/td>\n<td><span style=\"font-weight: 400\">33%<\/span><\/td>\n<td><span style=\"font-weight: 400\">40%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">8<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/10943\"><span style=\"font-weight: 400\">Minneapolis, Minnesota<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">57%<\/span><\/td>\n<td><span style=\"font-weight: 400\">17%<\/span><\/td>\n<td><span style=\"font-weight: 400\">40%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">9<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/29459\"><span style=\"font-weight: 400\">Aurora, Illinois<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">82%<\/span><\/td>\n<td><span style=\"font-weight: 400\">43%<\/span><\/td>\n<td><span style=\"font-weight: 400\">39%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">10<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/35711\"><span style=\"font-weight: 400\">Raleigh, North Carolina<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">64%<\/span><\/td>\n<td><span style=\"font-weight: 400\">25%<\/span><\/td>\n<td><span style=\"font-weight: 400\">39%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400\">Table, top 10 cities where the education-homeownership gap is the widest; data from the American Community Survey<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400\">This issue is not just affecting the least advantaged Americans. The next table lists the 10 cities with the narrowest homeownership gap between education groups. Notice that in some of these cities, like Pittsburgh, even the most highly educated households are more likely to rent than buy.<\/span><\/p>\n<p>&nbsp;<\/p>\n<table style=\"font-size: .8em\">\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">Rank<\/span><\/td>\n<td><span style=\"font-weight: 400\">City<\/span><\/td>\n<td><span style=\"font-weight: 400\">Homeownership rate among households headed by a bachelor\u2019s or higher degree-holder <\/span><\/td>\n<td><span style=\"font-weight: 400\">Homeownership rate among households headed by someone without a high school degree<\/span><\/td>\n<td><span style=\"font-weight: 400\">Ownership gap between bachelor\u2019s degree householders and those that did not finish high school<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">1<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/25785\"><span style=\"font-weight: 400\">Spring Valley, Nevada<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">46%<\/span><\/td>\n<td><span style=\"font-weight: 400\">51%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">2<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/9410\"><span style=\"font-weight: 400\">Irving, Texas<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">41%<\/span><\/td>\n<td><span style=\"font-weight: 400\">40%<\/span><\/td>\n<td><span style=\"font-weight: 400\">1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">3<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/3918\/\"><span style=\"font-weight: 400\">Clarksville, Tennessee<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">55%<\/span><\/td>\n<td><span style=\"font-weight: 400\">54%<\/span><\/td>\n<td><span style=\"font-weight: 400\">1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">4<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/14437\"><span style=\"font-weight: 400\">Pembroke Pines, Florida<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">72%<\/span><\/td>\n<td><span style=\"font-weight: 400\">70%<\/span><\/td>\n<td><span style=\"font-weight: 400\">2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">5<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/12621\"><span style=\"font-weight: 400\">Moreno Valley, California<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">74%<\/span><\/td>\n<td><span style=\"font-weight: 400\">71%<\/span><\/td>\n<td><span style=\"font-weight: 400\">3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">6<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/15702\"><span style=\"font-weight: 400\">Pittsburgh, Pennsylvania<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">46%<\/span><\/td>\n<td><span style=\"font-weight: 400\">43%<\/span><\/td>\n<td><span style=\"font-weight: 400\">4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">7<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/7649\"><span style=\"font-weight: 400\">Hialeah, Florida<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">53%<\/span><\/td>\n<td><span style=\"font-weight: 400\">49%<\/span><\/td>\n<td><span style=\"font-weight: 400\">4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">8<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/19457\"><span style=\"font-weight: 400\">Sunnyvale, California<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">45%<\/span><\/td>\n<td><span style=\"font-weight: 400\">40%<\/span><\/td>\n<td><span style=\"font-weight: 400\">5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">9<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/15502\"><span style=\"font-weight: 400\">Philadelphia, Pennsylvania<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">52%<\/span><\/td>\n<td><span style=\"font-weight: 400\">46%<\/span><\/td>\n<td><span style=\"font-weight: 400\">6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">10<\/span><\/td>\n<td><a href=\"https:\/\/redfin.com\/city\/6671\"><span style=\"font-weight: 400\">Fremont, California<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400\">66%<\/span><\/td>\n<td><span style=\"font-weight: 400\">60%<\/span><\/td>\n<td><span style=\"font-weight: 400\">6%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400\">Table, top 10 cities where the education-homeownership gap is the narrowest; data from the 2015 one-year American Community Survey<\/span><\/i><\/p>\n<h3><strong>The surprise and the outlook<\/strong><\/h3>\n<p><span style=\"font-weight: 400\">Overall, more educated people are more likely to be homeowners. There&#8217;s one exception to that rule &#8211; high school grads versus households without a bachelor\u2019s degree that took some college courses. Despite having a 19 percent higher median household income, households headed by people who went to college but didn\u2019t finish have about the same rate of homeownership nationwide as those with high school diplomas and no college experience, and even at the city level. This shows up in the next chart that covers cities with a population of at least 300,000. Notice that the blue dots (some college) and the red dots (high school grads) are about the same height, or have about the same rate of home ownership, even though the blue dots are further to the right, with higher incomes.<\/span><\/p>\n<figure id=\"media-53701\" class=\"align-none\"><img decoding=\"async\" class=\"\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/09\/bubbles.png\" alt=\"Different incomes and levels of education don\" width=\"442\" height=\"483\" \/><figcaption>Different incomes and levels of education don&#8217;t always mean different levels of homeownership<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">One possible explanation could be student loans, which create an extra monthly payment that trims leverage off a home loan application. Even though the some-college group makes more money than the high school graduates, the <\/span><a href=\"https:\/\/www.brookings.edu\/research\/the-typical-household-with-student-loan-debt\/\"><span style=\"font-weight: 400\">average monthly payoff of $242<\/span><\/a><span style=\"font-weight: 400\"> for student loans cuts $57,000 off <\/span><a href=\"https:\/\/redfin.com\/blog\/how-much-house-can-i-afford?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\"><span style=\"font-weight: 400\">of the top of a home loan<\/span><\/a><span style=\"font-weight: 400\">, and this moves a whole basket of homes out of reach. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The shared declines are only part of the picture. The most educated households are <\/span><a href=\"http:\/\/www.bls.gov\/opub\/btn\/volume-2\/patterns-of-homeownership.htm\"><span style=\"font-weight: 400\">less vulnerable to foreclosures<\/span><\/a><span style=\"font-weight: 400\"> than the least educated, probably because the <\/span><a href=\"https:\/\/www.census.gov\/\"><span style=\"font-weight: 400\">most educated households tend to make more money<\/span><\/a><span style=\"font-weight: 400\">. This could mean the current sorting will remain the same until a future economic shock&#8211;like a another housing or job crisis&#8211;will further widen the gap.<\/span><\/p>\n<h3><strong>Data<\/strong><\/h3>\n<p><span style=\"font-weight: 400\">Data came from the <\/span><a href=\"http:\/\/www.census.gov\/data\/developers\/data-sets.html\"><span style=\"font-weight: 400\">American Community Survey<\/span><\/a><span style=\"font-weight: 400\"> and the <\/span><a href=\"http:\/\/www.census.gov\/programs-surveys\/ahs.html\"><span style=\"font-weight: 400\">American Housing Survey<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><strong><span style=\"font-family: 'Georgia',serif;color: #333333\">Other popular posts:<\/span><\/strong><\/p>\n<p><span style=\"font-family: 'Georgia',serif;color: #333333\">1. <a href=\"https:\/\/redfin.com\/blog\/how-parents-can-grant-their-teenagers-privacy\">How Parents Can Grant Teens Privacy While Overseeing Their Well-Being at Home<\/a><\/span><\/p>\n<p><span style=\"font-family: 'Georgia',serif;color: #333333\">2. <a href=\"https:\/\/redfin.com\/blog\/create-the-ultimate-hobby-room-for-kids\">How to Create the Ultimate Hobby Room for Kids<\/a><\/span><\/p>\n<p><span style=\"font-family: 'Georgia',serif;color: #333333\">3. <a href=\"https:\/\/redfin.com\/blog\/seniors-guide-moving-in-with-roommate\">The Senior&#8217;s Guide to Moving in with a Roommate<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The gap between the rates of homeownership among the most educated and the least educated widened between 1995 and 2005, and then held steady from 2005 to 2015. The portion of Americans who own their homes fell nationwide for all education levels over the last 10 years, even among the most educated households. High school [&hellip;]<\/p>\n","protected":false},"author":13194,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[66,70],"dashboard":[],"coauthors":[],"class_list":["post-53693","post","type-post","status-publish","format-standard","hentry","category-regional-trends","tag-agents","tag-home-buyer-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Homeownership and Education: Highly Educated Households Are Not Immune to Homeownership Declines - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"The homeownership and education gap is wider in some cities. Here are the top 10 cities in the analysis where the homeownership gap is the widest.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/homeownership-and-education\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homeownership and Education: Highly Educated Households Are Not Immune to Homeownership Declines\" \/>\n<meta property=\"og:description\" content=\"The homeownership and education gap is wider in some cities. 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