A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Millennials and car ownership: Less money, fewer cars
AbstractAmericans are driving less. The changes are most pronounced among Millennials, those born in the 1980s and 1990s. Much ink has been spilled debating whether these changes in travel behavior are due to changing preferences or economic circumstances. In this paper, we use eight waves of data from the Panel Study of Income Dynamics (PSID) to examine recent changes in auto ownership among US families with a particular focus on Millennials. We find that today's young adults do own fewer cars than previous generations did when they were young. However, when we control for whether young adults have become economically independent from their parents, i.e. left the nest, we find that economically independent young adults own slightly more cars than we would expect, given their low incomes and wealth. We caution planners to temper their enthusiasm about “peak car,” as this may largely be a manifestation of economic factors that could reverse in coming years.
HighlightsWe use a panel dataset to examine changes in car ownership over time.We find that Millennials own fewer cars than previous cohorts.We differentiate between economically dependent and independent Millennials.Economic factors account for much of the differences in car ownership.Independent Millennials own more cars than expected given their economic status.
Millennials and car ownership: Less money, fewer cars
AbstractAmericans are driving less. The changes are most pronounced among Millennials, those born in the 1980s and 1990s. Much ink has been spilled debating whether these changes in travel behavior are due to changing preferences or economic circumstances. In this paper, we use eight waves of data from the Panel Study of Income Dynamics (PSID) to examine recent changes in auto ownership among US families with a particular focus on Millennials. We find that today's young adults do own fewer cars than previous generations did when they were young. However, when we control for whether young adults have become economically independent from their parents, i.e. left the nest, we find that economically independent young adults own slightly more cars than we would expect, given their low incomes and wealth. We caution planners to temper their enthusiasm about “peak car,” as this may largely be a manifestation of economic factors that could reverse in coming years.
HighlightsWe use a panel dataset to examine changes in car ownership over time.We find that Millennials own fewer cars than previous cohorts.We differentiate between economically dependent and independent Millennials.Economic factors account for much of the differences in car ownership.Independent Millennials own more cars than expected given their economic status.
Millennials and car ownership: Less money, fewer cars
Klein, Nicholas J. (author) / Smart, Michael J. (author)
Transport Policy ; 53 ; 20-29
2016-08-24
10 pages
Article (Journal)
Electronic Resource
English
Millennials and car ownership: Less money, fewer cars
| Online Contents | 2017
Do fewer people mean fewer cars? Population decline and car ownership in Germany
| Online Contents | 2013
Living with fewer cars: review and challenges on household demotorization
| Taylor & Francis Verlag | 2020
BMS Allows Fewer to Manage More While Using Less
British Library Online Contents | 1994