Notes: All estimates include state and age in 1997 fixed effects as well as controls for mother’s and father’s education, parental income, gender, race, MSA-level unemployment and income per capita, state-level public and private institutions per college age population, per-student state need-based aid, the ratio of BA to associates degree wages, and the ratio of BA to high school wages. All estimates include only homeowners and are weighted by NLSY97 sampling weights. The time between college and high school and the weekly hours worked estimates are from OLS models, while the BA completion estimates are marginal effects from logit models calculated at the mean of all variables. Housing price changes are real housing price changes over the four years prior to students turning 18 predicted by the conventional mortgage housing price index. Low-income families are those with total income under $75,000, medium income families are those with total income between $75,000 and $125,000, and high-income families are those with total income over $125,000. Weekly hours worked is calculated by dividing total yearly hours worked in the first year of college enrollment by 52, including respondents who work zero hours in the year. Standard errors clustered at the MSA-level are in parentheses:

↵** indicates significance at the 5 percent level and

↵* indicates significance at the 10 percent level.