Papers written by Author(s): 'Max Risch'
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John Voorheis - 2
Ariel J. Binder - 2
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Working PaperLands of Opportunity: Differences in the Geography of Wealth and Income Mobility in the United States
May 2026
Working Paper Number:
CES-26-30
We provide new county-level estimates of intergenerational mobility, covering multiple economic concepts: total income, labor income, homeownership, housing wealth, and total wealth. This is possible via small-area estimation techniques and linked survey and administrative data covering millions of U.S. children born between 1978 and 1986. We find that relative mobility in wealth concepts shows less spatial clustering and more spatial variation than relative mobility in income concepts. Many cities and their suburbs exhibit lower relative mobility (i.e. higher intergenerational persistence) in wealth concepts than in income concepts. Next, we show that various local characteristics are associated with some concepts of economic mobility but not with others. For example, we estimate a strong negative association between the local severity of the Great Recession and child income, regardless of parent position in the income distribution. However, the negative association between recession severity and wealth only exists among children from poorer families. We provide a public-use data package on census.gov to facilitate further research.View Full Paper PDF
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Working PaperHousing Capital and Intergenerational Mobility in the United States
August 2025
Working Paper Number:
CES-25-55
Housing represents the most important capital asset for most U.S. families. Despite substantial analysis of the intergenerational mobility of income, large gaps in our knowledge of the distribution of housing assets and their transmission over time remain, as housing is generally not reflected by income flows. Using novel linked data that combines survey responses with administrative tax data and information on ownership and valuation from property tax records for over 3.4 million families, we provide new evidence on the intergenerational transmission of housing capital. We find that housing capital is more persistent across generations than labor income. We document important disparities between average housing outcomes for White and Black children. These difference persist even conditional on parent rank in the distribution of housing assets, with the gap growing throughout the parental housing capital distribution. A decomposition shows that average differences in children's labor market outcomes associated with parental assets explain about half of the observed intergenerational persistence (a 'labor income channel'), and that there is also a substantial 'direct channel' ' conditional on children having the same earnings, children of parents with more housing assets have more assets themselves on average. The direct channel is also important for explaining the intergenerational gap in outcomes of Black and White children. Finally, we present quasi-experimental evidence that local housing supply constraints help explain spatial differences in intergenerational persistence across US counties. Our results establish the importance of housing markets, both independently from and jointly with labor markets, in shaping the intergenerational persistence of economic resources.View Full Paper PDF
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