Research Shows a Strong Link Between Education and Home Ownership
You want the best for your children. Hopefully they grow up healthy, find rewarding jobs that they love, and enjoy financial stability for life. And since home ownership is one of the most common markers of financial stability, you hope they are able to purchase their own home someday.
As it turns out, there is one thing you can do to help ensure that they achieve the dream of home ownership: Encourage your children to go to college! A new report from The American First Financial Corporation demonstrates a strong link between education and home ownership. In 1990, the home ownership gap between those without high school degrees and those with college educations was 15 percent. As of 2015, the same study shows that the gap has nearly doubled, to 28 percent.
This news probably doesn’t shock you. After all, a college education leads to increased income, and a higher income helps us afford things like homes and cars.
Millennials are actually outperforming their Baby Boomer parents, with more of them earning college degrees. That’s great news, of course, but it also means more competition in the job market. More workers of a similar age and experience level will have college degrees going forward, making an education more important now than ever.
Millennials are also making different life decisions, when compared with Baby Boomers or even Gen-Xers when they were the same age. Millennials today are less likely to be married or have children. That probably means millennials are more focused on their careers and attaining goals like purchasing their first homes.
As their high school years draw to a close, talking about college is perhaps the most important thing you can do for your kids. Give us a call to schedule an appointment if you need help preparing for college entrance exams or applying for schools. We can help you ensure that your kids have all the tools they need to succeed, now and in the future.