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Author: Nau, Michael
Resulting in 3 citations.
1. Dwyer, Rachel E.
Neilson, Lisa A.
Nau, Michael
Hodson, Randy
Mortgage Worries: Young Adults and the US Housing Crisis
Socio-Economic Review 14,3 (July 2016): 483-505.
Also: http://ser.oxfordjournals.org/content/14/3/483.abstract
Cohort(s): NLSY97
Publisher: Oxford University Press
Keyword(s): Debt/Borrowing; Economic Changes/Recession; Health, Mental; Home Ownership

Permission to reprint the abstract has not been received from the publisher.

The 2008 housing crisis and the changes in lending practices that led up to it shook the status of home loans as secure debt in the USA. The crisis hit during a time when many young adults had recently bought their first home, making it a particularly consequential moment in their homeownership career. We investigate the effects of the housing crisis on the mental health of young homeowners using longitudinal data. We model levels of anxiety among young homeowners carrying mortgage debt before and after the recession as an early indicator of how the crisis affected the experience of home loans. The positive effects of being a mortgaged homeowner before the recession declined significantly after the housing crisis. We discuss whether this shift may portend a longer-term shift in American beliefs in the value of investing in housing, with significant implications for financial well-being and wealth stratification.
Bibliography Citation
Dwyer, Rachel E., Lisa A. Neilson, Michael Nau and Randy Hodson. "Mortgage Worries: Young Adults and the US Housing Crisis." Socio-Economic Review 14,3 (July 2016): 483-505.
2. Nau, Michael
Inequality and Retirement Savings among Young Adults
Presented: New York NY, American Sociological Association Annual Meeting, August 2013
Cohort(s): NLSY97
Publisher: American Sociological Association
Keyword(s): Debt/Borrowing; Retirement; Savings; Wealth

Permission to reprint the abstract has not been received from the publisher.

Why do some households have more wealth than others? This question is key for understanding contemporary social stratification, given recent rapid rise of wealth inequality, household debt, and growing importance of individual savings for economic security. Yet exactly how wealth accumulation works is not well understood. This study adopts a novel analytical approach to studying wealth accumulation by modeling the risk of a key savings event: the initiation of savings for retirement among young adults. By examining the "risk factors" that shape the decision to save, this study integrates mainstream, psychology-oriented savings research with insights from wealth scholars and specialists in other areas of stratification.
Bibliography Citation
Nau, Michael. "Inequality and Retirement Savings among Young Adults." Presented: New York NY, American Sociological Association Annual Meeting, August 2013.
3. Nau, Michael
Dwyer, Rachel E.
Hodson, Randy
Can't Afford a Baby? Debt and Young Americans
Research in Social Stratification and Mobility 42 (December 2015): 114-122.
Also: http://www.sciencedirect.com/science/article/pii/S0276562415000402
Cohort(s): NLSY97
Publisher: Elsevier
Keyword(s): Debt/Borrowing; Fertility; Parenthood; Student Loans

This article explores the role of personal debt in the transition to parenthood. We analyze data from the National Longitudinal Study of Youth-1997 cohort and find that for the generation coming of age in the 2000s, student loans delay fertility for women, particularly at very high levels of debt. Home mortgages and credit card debt, in contrast, appear to be precursors to parenthood. These results indicate that different forms of debt have different implications for early adulthood transitions: whereas consumer loans or home mortgages immediately increase access to consumption goods, there is often a significant delay between the accrual and realization of benefits for student loans. The double-edged nature of debt as both barrier and facilitator to life transitions highlights the importance of looking at debt both as a monetary issue and also as a carrier of social meanings.
Bibliography Citation
Nau, Michael, Rachel E. Dwyer and Randy Hodson. "Can't Afford a Baby? Debt and Young Americans." Research in Social Stratification and Mobility 42 (December 2015): 114-122.