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C3a Association of Negative Home Equity With Military Households and Their Financial Behaviors
Key Words
Negative Home Equity, Miltary Households, Financial Behavior, Relocations, Overconfidence Bias, Financial Capability, Financial Literacy, Financial Planning, National Financial Capability Study
Short Description
The goal of this study is to examine one of the most important vehicles for building wealth in the U.S., home equity, with a particular focus on military households. This focus is based on the premise that military households are required to relocate regularly, roughly every two to three years. Individuals not in the military typically relocate less frequently, about 11.7 times in a lifetime equaling about once every 10 years. The frequency of relocations among military households begs the question of whether recurrent home purchases and sales are associated with reduced housing wealth relative to civilian households. We use data from the National Financial Capability Study to test the following research questions: Do military households have negative home equity at a different rate than civilian households? Which behavioral, demographic, and socioeconomic factors are associated with negative home equity for military and civilian households? This research aligns with ACCI’s mission of enhancing consumer and family economic well-being by highlighting a critical discrepancy between the ability of military households vs civilian households to build wealth through home equity.