Housing Booms and Busts, Labor Market Opportunities, and College Attendance

Author:

Charles Kerwin Kofi1,Hurst Erik2,Notowidigdo Matthew J.3

Affiliation:

1. Harris School, University of Chicago, 1155 E. 60th Street, Chicago, IL 60637, and NBER (email: )

2. Booth School of Business, University of Chicago, 5807 S. Woodlawn Avenue, Chicago, IL 60637, and NBER (email: )

3. Northwestern University, 2001 Sheridan Road, Evanston, IL 60208, and NBER (email: )

Abstract

We study how the recent housing boom and bust affected college enrollment during the 2000s. We exploit cross-city variation in local housing booms, which improved labor market opportunities for young men and women. We find that the boom lowered college enrollment, with effects concentrated at two-year colleges. The decline in enrollment during the boom was generally reversed during the bust; however, attainment remains persistently low for particular cohorts, suggesting that reduced educational attainment is an enduring effect of the recent housing cycle. The housing boom can account for approximately 25 percent of the recent slowdown in college attainment. (JEL I23, I25, J24, J31, R21, R31)

Publisher

American Economic Association

Subject

Economics and Econometrics

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