First is homeownership by education.
Second is homeownership by occupation.
Remember all those stories in the papers back during the bubble about all those doctors and lawyers and accountants being duped into buying homes? Remember all those poor souls who were tricked into mortgages that anybody could tell you were too complicated for someone with a Bachelor's Degree to understand?
Basically all the new homeownership went to professionals and owners with a college degree.
Homeownership has declined in the bust in every category. But, really, it's such a small price to pay in order to teach those predatory lenders that you don't go around cashing checks on the backs of college graduates and doctors who can't properly manage their own affairs.
Those high school drop outs and service employees will be fine. They'll bounce back. They are powerful enough in this rigged system to come out on top in the end. They kept themselves out of that nasty housing bubble, didn't they? Let's just hope those college graduates don't start getting crazy again. We'll have to do some macroprudence to keep them where they belong.
Here's another good one.