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75 November 2024 J O U R N A L November 2024 » from nearly 8% in 1992 to around 6% in 2022. Education-buying power has been increased by longer repayment terms and lower interest rates, which then lowered payment-to-income ratios. The Homeownership Return on Education We know that higher educational achievement is positively linked to high- er household income, which increases house-buying power. For millennials, the difference in house-buying power between those with a high school diplo- ma (or some college/associate degree) and those with a bachelor's was around $250,000 in 2022 (adjusted for inflation). That could partially explain why the homeownership rate among millennials in 2022 with a bachelor's degree was 12.8 percentage points higher than for those with only a high school diploma. That is a powerful reminder of the connection between educational achievement and home ownership. The focus on increasing levels of stu- dent loan debt should always factor in the increase in education-buying power from longer loan repayment terms and lower student loan rates. These free ad- ditional funds that young home buyers can put toward their first home. The report suggests that student loan debt probably just delays homeownership but does not prevent it. Millennials are the most educated generation yet, and their stable payment-to-income ratios and substantial returns on investment from higher education positioned them well to drive homeownership demand, especially as more reach their prime home-buying years. WHERE ARE PROPERTIES MOST SUSCEPTIBLE TO WINTER WEATHER DAMAGE? W inter weather is already making its mark across the United States, causing significant property damage before the full season even begins. According to a ValuePenguin study, $61.8 million in property damage has already occurred in 2024, with Oregon and Texas emerg- ing as the hardest-hit states. As home- owners prepare for the winter ahead, these early numbers provide insight into which areas are most vulnerable to winter weather's harsh impacts. Key Findings: • Winter weather has already caused an estimated $61.8 million in damage across the U.S. in 2024. • Oregon accounts for the majority, with 77.1% of the total damage, translating to $47.6 million. • Texas experienced the most damage during the broader 2023-2024 winter season, accounting for 36% of total damage, or $87.2 million. • Ninety-one deaths have been attributed to winter weather so far in 2024. Top 10 States With the Highest Estimated Winter Weather Damage: November 2023 to April 2024 1. Texas ($87.2 million in weather property damage) 2. Oregon ($67.6 million) 3. Michigan ($49.4 million) 4. California ($15.6 million) 5. Nebraska ($7.5 million) 6. Utah ($4.8 million) 7. Washington ($2.3 million) 8. Idaho ($1.5 million) 9. Wisconsin ($1.3 million) 10. Minnesota ($1.1 million) Oregon: The Most Impacted State in 2024 In 2024, Oregon has borne the brunt of winter weather property damage. Of the $61.8 million in damage reported nationwide, 77.1% occurred in Oregon, totaling $47.6 million. This staggering figure highlights the state's vulnera- bility to winter weather events. Recent years have seen Oregon struggle with not only severe winter storms but also an increase in insurance premiums. Homeowners in the state have faced a 42% rise in insurance premiums from 2019 to 2024 due to repeated disasters, including fires, floods, and destructive winter storms like Winter Storm Indigo in 2024. While Oregon tops the list for 2024 so far, Nebraska comes in a distant second with $7.5 million in damage, accounting for 12.1% of the total. Texas: The Most Impacted Over the 2023-24 Winter Season Looking more broadly at the 2023- 2024 winter season, Texas experienced $87.2 million in winter weather property damage, the highest of any state, ac- counting for 36% of total damage. Ore- gon followed with $67.6 million (27.9%), and Michigan experienced $49.4 million (20.4%) in damage during this period. Texas has also led in damage over the past decade, with winter weather events causing $416.3 million in damage from 2015 through May 2024. Severe winter storms have had lasting effects on Texas. Notably, the Great Texas Freeze in 2021 caused significant damage, contributing to the state's standing as the leader in winter weather-related property damage over the past decade. Rising Fatalities Due to Winter Weather Winter weather does not only bring financial damage; it also claims lives. As of May 2024, 91 deaths have been at- tributed to winter weather, a significant