What’s in a degree? Grads more likely to become owners
As college graduates are thinking about what lies in store for them economically the equation may include whether or not they can purchase a home.
A study by National Association of Realtors economists revealed that graduates with a Bachelor’s degree or higher are more likely to become homeowners compared to those with only a high school degree, primarily because they generally earn more and face a lower likelihood of being unemployed.
- The homeownership rate for those with a Bachelor’s degree or higher is 75 percent, compared to 65 percent for those with a high school degree or some college. The national rate is about 66 percent.
- The median salary of a Bachelor’s degree holder ($48,309) is about twice that of a high school graduate ($26,699).
- The unemployment rate of a Bachelor’s degree or higher holder is less than 4 percent, about half than that of a high school graduate (7.4 percent) or about a third of a person with less than a high school degree (11.4 percent, May 2013 data).
- College education boosts the potential for home ownership with the homeownership rate of those with a Bachelor’s degree or higher about 10 percentage points above those with only a high school degree/some college.