When choosing a place to live, you also have to choose whether you’re going to rent or buy. Of course, there are a number of reasons you might choose one over the other. For most of us, though, the decision will largely be financial. However, one might wonder whether or not there is any correlation between one’s education attainment level and homeownership.
Education and Homeownership
Buying a home requires a significant upfront investment and you need to have enough to cover a down payment, closing costs, etc., before you can buy. That may help explain a new analysis that found education level is a good predictor of whether or not a person will own a home. According to the data, among U.S. homeowners, 40% have attained a bachelor’s degree or higher and 30$ have some college or an associate’s degree. By comparison, 23% of homeowners have a high school diploma and 7% have less than a high school education. That means the vast majority of homeowners have, at least, some higher education. But since the average income for a college graduate is more than twice that of those with a high school diploma or less, it seems income may ultimately be the best predictor of future homeownership. Click on the link for more information.
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