Consumer & Community Context
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Figure 1. Change in homeownership rate between 2005 and 2014
| Period | Percent | |
|---|---|---|
| Ages 24-32 | Overall population | |
| 2005 | 44.9 | 69.0 |
| 2014 | 36.1 | 65.1 |
| PP change from 2005 to 2014 | 8.8 | 3.9 |
PP is percentage point.
Source: Current Population Survey 2005 and 2014 (authors' calculations).
Figure 2. Homeownership rate, ages 24-32
| Period | Homeownership rate (percent) | PP change from 2005 |
|---|---|---|
| 2005 | 44.9 | - |
| Simulation | 43.1 | 1.8 |
| 2014 | 36.1 | 8.8 |
PP is percentage point.
Note: Blue bars show actual homeownership rates in 2005 and 2014, constructed from Current Population Survey data. The orange bar shows the counterfactual homeownership rate simulated based on results available in Mezza et al. (forthcoming).
Figure 1. Rural student borrowers: Location on entering panel vs. one year after entering repayment
| Quartile | Percent | |||
|---|---|---|---|---|
| Metro | Micro | Small town | Rural | |
| Quartile 4 (> $29,647) | 48.3 | 8.5 | 6.2 | 36.9 |
| Quartile 3 ($13,521-$29,646) | 33.4 | 10.0 | 5.0 | 51.6 |
| Quartile 2 ($6,042-$13,520) | 20.8 | 6.9 | 5.0 | 67.2 |
| Quartile 1 (< $6,041) | 16.3 | 6.1 | 4.9 | 72.7 |
Source: Equifax/Federal Reserve Bank of New York Consumer Credit Panel.
Figure 2. Average percent change in student loan balance by number of years after entering repayment
| Number of years after entering repayment | Rural to metro | Stayed rural |
|---|---|---|
| One year | -8.6 | -3.3 |
| Two years | -14.1 | -3.8 |
| Three years | -20.3 | -9.5 |
Source: Equifax/Federal Reserve Bank of New York Consumer Credit Panel.
Figure 3. Average difference in county annual average wages adjusted for cost of living: Entering panel vs. one year after entering repayment
| County type | Wage difference |
|---|---|
| Rural | $72 |
| Small town | $1,723 |
| Micro | $4,057 |
| Metro | $9,467 |
Source: Equifax/Federal Reserve Bank of New York Consumer Credit Panel.
Last Update:
January 30, 2019