[en] Why has ‘adulting’ – attaining traditional life-cycle milestones such as exit from the parental home, partnering, and parenting – recently become so hard for the millenniali cohort to attain in high-income OECD countries? Changes to housing and housing policy are a central but often neglected component in answering this question. The intensification of privatization, commodification, and financialization of housing in recent decades reflect shifts in welfare states away from policies that enabled previous adult cohorts to meet life-cycle milestones, and towards policies that now undermine contemporary young adults in reaching those milestones. The popular label ‘Generation Rent’, mentioned throughout this book, captures this general trend across higher-income OECD countries. In response, families in various contexts have increasingly mobilized themselves around the accumulation and circulation of housing property as they seek to reach those milestones while protecting themselves from new social and economic uncertainties. Differences in personal and family resources across the millennial generation, however, produce considerable internal heterogeneity within that cohort. Indeed, not all millennials fall into Generation Rent. In this chapter we address the common housing market trends across OECD countries that stem from changes in welfare state polices, arguing that these developments account for much of the difficulties facing the millennial cohort.
Disciplines :
Political science, public administration & international relations
Author, co-author :
FLYNN, Lindsay ; University of Luxembourg > Faculty of Humanities, Education and Social Sciences (FHSE) > Department of Social Sciences (DSOC)
Schwartz, Herman Mark; University of Virginia
External co-authors :
yes
Language :
English
Title :
Welfare States, Housing Markets and Millennials: Inhibited Transitions into Adulthood
Publication date :
2022
Main work title :
Families, Housing and Property Wealth in a Neoliberal World
scite shows how a scientific paper has been cited by providing the context of the citation, a classification describing whether it supports, mentions, or contrasts the cited claim, and a label indicating in which section the citation was made.
Bibliography
Aalbers, M.B. (2016). The Financialization of Housing: A Political Economy Approach. Oxford: Routledge.
Aalbers, M.B., Holm, A. (2008). Privatising Social Housing in Europe: The Cases of Amsterdam and Berlin. Berliner Geographische Arbeiten, 110, 12-23.
Abdelal, R. (2006). Writing the Rules of Global Finance: France, Europe, and Capital Liberalization. Review of International Political Economy, 13(1), 1-27.
Allen, J., Barlow, J., Leal, J., Maloutas, T., Padovani. L. (2004). Housing and Welfare in Southern Europe. London: John Wiley, Sons.
Ansell, B. (2014). The Political Economy of Ownership: Housing Markets and the Welfare State. American Political Science Review, 108(2), 383-402.
Arnett, J. (2007). Emerging Adulthood: What Is It, and What Is It Good For?. Child Development Perspectives, 1(2), 68-73.
Arundel, R. (2017). Equity inequity: Housing wealth inequality, inter and intra-generational divergences, and the rise of private landlordism. Housing, Theory and Society, 34(2), 176-200.
Arundel, R., Ronald, R. (2016). Parental Co-residence, Shared Living and Emerging Adulthood in Europe: Semi-dependent Housing across Welfare Regime and Housing System Contexts. Journal of Youth Studies, 19(7), 885-905.
Arundel, R., Lennartz, C. (2020). Housing market dualization: Linking insider-outsider divides in employment and housing outcomes. Housing Studies, 35(8), 1390-1414.
Arundel, R., Lennartz, C. (2017). Returning to the Parental Home: Boomerang Moves of Younger Adults and the Welfare Regime Context. Journal of European Social Policy, 27(3), 276-294.
Arundel, R., Doling, J. (2017). The end of mass homeownership? Changes in labour markets and housing tenure opportunities across Europe. Journal of Housing and the Built Environment, 32(4), 649-672.
Australian Bureau of Statistics (1998). Housing and Lifestyle: Smaller Households, Larger Dwellings. June 3, 1998.
Baldwin, P. (1990). The Politics of Social Solidarity: Class Bases of the European Welfare State, 1875-1975. Cambridge: Cambridge University Press.
Boleat, M. (1985). National Housing Finance Systems: A Comparative Study. Beckenham: Croom Helm.
Castles, F. (1982). The Impact of Parties: Politics and Policies in Democratic Capitalist States. London; Beverly Hills, CA: Sage Publications.
Castles, F. (1998). The Really Big Trade-off: Home Ownership and the Welfare State in the New World and the Old. Acta Politica, 33, 5-19.
Coulter, R. (2017). Local house prices, parental background and young adults' home- ownership in England and Wales. Urban Studies, 54(14), 3360-3379.
De Grazia, V. (2009). Irresistible Empire: America's Advance through Twentieth-Century Europe. Cambridge, MA: Harvard University Press.
De Swaan, A. (1988). In Care of the State: Health Care, Education, and Welfare in Europe and the USA in the Modern Era. Oxford: Oxford University Press.
Delfani, N., De Deken, J., Dewilde. C. (2014). Home-Ownership and Pensions: Negative Correlation, but No Trade-Off. Housing Studies, 29(5), 657-676.
Dettling, L., Kearney, M. (2014). House Prices and Birth Rates: The Impact of the Real Estate Market on the Decision to Have a Baby. Journal of Public Economics, 110, 82-100.
Doling, J., Ronald, R. (2010). Home ownership and asset-based welfare. Journal of Housing and the Built Environment, 25(2), 165-173.
Doling, J., Rowan, A. (2020). The Home as Workplace: A Challenge for Housing Research. Housing, Theory and Society, 1-20.
Edelberg, W. (2006). Risk-based pricing of interest rates for consumer loans. Journal of Monetary Economics, 53(8), 2283-2298.
Esping-Andersen, G. (1985). Politics against Markets: The Social Democratic Road to Power. Princeton: Princeton University Press.
Esping-Andersen, G. (2002). Why We Need a New Welfare State. Oxford: Oxford University Press.
Flynn, L.B. (2017). Delayed and Depressed: From Expensive Housing to Smaller Families. International Journal of Housing Policy, 17(3): 374-395.
Flynn, L.B. (2019). I'll Just Stay Home: Employment Inequality Among Parents. Social Politics: International Studies in Gender, State, Society, 26(3), 394-418.
Flynn, L.B., Schwartz, H.M. (2017). No Exit: Social Reproduction in an Era of Rising Income Inequality. Politics, Society, 45(4), 471-503.
Goodman, J., Pauly, L. (1993). The Obsolescence of Capital Controls? Economic Management in an Age of Global Markets. World Politics, 46 (1), 50-82.
Hall, T., Viden, S. (2005). The Million Homes Programme: A Review of the Great Swedish Planning Project. Planning Perspectives, 20(3), 301-328.
Harloe, M. (1995). The People's Home? Social Rented Housing in Europe and America. London: John Wiley, Sons.
Hayden, D. (2002). Redesigning the American Dream: The Future of Housing, Work, and Family Life. London: WW Norton, Company.
Hendershott, P., Shilling, J. (1989). The Impact of the Agencies on Conventional Fixed-Rate Mortgage Yields. The Journal of Real Estate Finance and Economics, 2(2), 101-115.
Christopher, H. (1999). The Hidden Welfare State: Tax Expenditures and Social Policy in the United States. Princeton: Princeton University Press.
JCT (Joint Committee on Taxation, US Congress) (2018). Estimates of Federal Tax Expenditures for Fiscal Years 2017-2021. Washington DC.
Kemeny, J. (1981). The Myth of Home Ownership: Public versus Private Choices in Housing Tenure. Oxford: Routledge.
Kemeny, J. (2005). The Really Big Trade-Off' between Home Ownership and Welfare: Castles' Evaluation of the 1980 Thesis, and a Reformulation 25 Years on. Housing, Theory and Society, 22(2), 59-75.
Korpi, W. (2006). Power Resources and Employer-Centered Approaches in Explanations of Welfare States and Varieties of Capitalism: Protagonists, Consenters, and Antagonists. World Politics, 58(2), 167-206.
Kristensen, H. (2007). Housing in Denmark. Center for Bolig og Velfærd.
Kulu, H., Steele, F. (2013). Interrelationships between Childbearing and Housing Transitions in the Family Life Course. Demography, 50(5), 1687-1714.
Langley, P. (2006). Securitising Suburbia: The Transformation of Anglo-American Mortgage Finance. Competition, Change, 10(3), 283-299.
Lennartz, C., Arundel, R., Ronald, R. (2016). Younger adults and homeownership in Europe through the global financial crisis. Population, Space and Place, 22(8), 823-835.
Luxembourg Income Study database (Luxembourg: LIS Cross-National Data Center, n. d.); online at http://www.lisdatacenter.org/our-data/lis-database/.
Magri, S., Raffaella, P. (2010). The rise of risk-based pricing of mortgage interest rates in Italy. Temi di discussion, Working Paper 778. Bank of Italy.
Malpass, P. (2008). Housing and the New Welfare State: Wobbly Pillar or Cornerstone? Housing Studies, 23(1), 1-19.
Morel, N., Touzet, C., Zemmour, M. (2016). Fiscal Welfare and Welfare State Reform: A Research Agenda. LIEPP Working Paper. Sciences Po.
Mulder, C. (2006). Home-Ownership and Family Formation. Journal of Housing and the Built Environment, 21(3), 281-298.
O'Connor, J., Orloff, A.S., Shaver, S. (1999). States, Markets, Families: Gender, Liberalism and Social Policy in Australia, Canada, Great Britain and the United States. Cambridge: Cambridge University Press.
OECD. 2015. Economic Outlook No. 98, November 2015. Paris: OECD.
Reisenbichler, A. (2018). The Politics of Entrenchment: Growth Models and Housing Finance Policy in the United States and Germany. Dissertation at The George Washington University.
Ronald, R. (2008). The ideology of home ownership: Homeowner societies and the role of housing. New York: Springer.
Ronald, R., Kadi, J. (2018). The Revival of Private Landlords in Britain's Post- Homeownership Society. New Political Economy, 23(6), 786-803.
Schelkle, W. (2012). A Crisis of What? Mortgage Credit Markets and the Social Policy of Promoting Homeownership in the United States and in Europe. Politics, Society, 40, 59-80.
Schwartz, H. (2012). Housing, the Welfare State, and the Global Financial Crisis: What Is the Connection? Politics, Society, 40(1), 35-58.
Schwartz, H. (2020). Covering the Private Parts: The post-Crisis (Re-)nationalization of Housing Finance, West European Politics, 43(3), 485-508.
Schwartz, H., Seabrooke, L. (2008). Varieties of Residential Capitalism in the International Political Economy: Old Welfare States and the New Politics of Housing. Comparative European Politics, 6(3), 237-261.
Simon, C., Tamura, R. (2009). Do Higher Rents Discourage Fertility? Evidence from US Cities, 1940-2000. Regional Science and Urban Economics, 39(1), 33-42.
Swenson, P. (1991). Labour and the Limits of the Welfare State: The Politics of Intraclass Conflict and Cross-Class Alliances in Sweden and West Germany. Comparative Politics, 23(4), 379-399.
Tranøy, B. S., Stamsø, M.A., Hjertaker, I. (2019). Equality as a Driver of Inequality? Universalistic Welfare, Generalised Creditworthiness and Financialised Housing Markets. West European Politics, 43(2), 390-411.
Vandevyvere, W., Zenthofer, A. (2012). The Housing Market in the Netherlands. Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
Wijburg, G., Aalbers, M.B., Heeg, S. (2018). "The Financialisation of Rental Housing 2.0: Releasing Housing into the Privatised Mainstream of Capital Accumulation." Antipode, 50, 1098-1119.
Whitehead, C., Williams, P. (2017). Changes in the Regulation and Control of Mortgage Markets and Access to Owner-Occupation among Younger Households. OECD Social, Employment and Migration Working Papers, No. 196. Paris: OECD.
Similar publications
Sorry the service is unavailable at the moment. Please try again later.