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Back to School When Times are Bad? The Role of Housing Frictions
College enrollment typically rises during recessions. This paper demonstrates that housing wealth destruction dampened this countercyclical effect in areas most affected by the U.S. housing bust of 2008-2011. By combining household data with a mortgage credit register and housing price data, we reveal that rising household leverage significantly reduced college enrollment among homeowners relative to renters during this period. Up to 2\% of the local college-age population did not pursue college enrollment at the height of the bust due to these housing frictions. The negative impact of homeownership on college education persists for a decade, ultimately contributing to lower incomes among homeowners in the most affected areas.
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