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The Social Mobility of Home Ownership: To What Extent Have the Millennials Fared Worse?

Author

Listed:
  • Joanne Lindley

    (Kings College London)

  • Steven McIntosh

    (Department of Economics, University of Sheffield)

Abstract

This paper considers home ownership rates for different generational cohorts in the UK, and how they are related to family background, as measured by parental occupation status. The results show home ownership rates have fallen across recent generational cohorts, even when they are compared at the same stage in their lives. Concurrent with this fall, there has been an increasing importance of family background in determining whether an individual owns their own home. While such an effect has always been present for individuals who do not reach the higher levels of education or occupation hierarchies, this is a newer phenomenon for successful graduates in professional/managerial occupations, for whom home ownership is also now strongly related to family background amongst the Millennial cohort.

Suggested Citation

  • Joanne Lindley & Steven McIntosh, 2019. "The Social Mobility of Home Ownership: To What Extent Have the Millennials Fared Worse?," Working Papers 2019012, The University of Sheffield, Department of Economics.
    • Handle: RePEc:shf:wpaper:2019012
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    File URL: http://www.sheffield.ac.uk/economics/research/serps/articles/2019_012
    File Function: First version, May 2019
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    References listed on IDEAS

    as
    1. Arnaud Chevalier & Joanne Lindley, 2009. "Overeducation and the skills of UK graduates," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 172(2), pages 307-337, April.
    2. Lindley, Joanne & McIntosh, Steven, 2015. "Growth in within graduate wage inequality: The role of subjects, cognitive skill dispersion and occupational concentration," Labour Economics, Elsevier, vol. 37(C), pages 101-111.
    3. Jo Blanden & Stephen Machin, 2017. "Home ownership and social mobility," CentrePiece - The magazine for economic performance 508, Centre for Economic Performance, LSE.
    4. Chris Foye & David Clapham & Tommaso Gabrieli, 2018. "Home-ownership as a social norm and positional good: Subjective wellbeing evidence from panel data," Urban Studies, Urban Studies Journal Limited, vol. 55(6), pages 1290-1312, May.
    5. Timo Zumbro, 2014. "The Relationship Between Homeownership and Life Satisfaction in Germany," Housing Studies, Taylor & Francis Journals, vol. 29(3), pages 319-338, April.
    6. Joanne Lindley & Stephen Machin, 2012. "The Quest for More and More Education: Implications for Social Mobility," Fiscal Studies, Institute for Fiscal Studies, vol. 33(2), pages 265-286, June.
    7. Blanden, Jo, 2013. "Cross-national rankings of intergenerational mobility: a comparison of approaches from economics and sociology," LSE Research Online Documents on Economics 59310, London School of Economics and Political Science, LSE Library.
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    Cited by:

    1. Jo Blanden & Andrew Eyles & Stephen Machin, 2021. "Trends in Intergenerational Home Ownership and Wealth Transmission," CEPEO Working Paper Series 21-05, UCL Centre for Education Policy and Equalising Opportunities, revised May 2021.
    2. Jo Blanden & Andrew Eyles & Stephen Machin, 2023. "Intergenerational home ownership," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 21(2), pages 251-275, June.

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    More about this item

    Keywords

    Home ownership; social mobility;

    JEL classification:

    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
    • J62 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Job, Occupational and Intergenerational Mobility; Promotion
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure

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