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Photo: Frederic J. Brown/AFP/Getty Images

Buying a house is a terrible investment. That said, a new paper from the Federal Reserve posits the reason young people are buying less than in generations past is not that they're smarter and savvier, but that they are more indebted.

What they're saying: "We estimate that roughly 20 percent of the decline in homeownership among young adults can be attributed to their increased student loan debts since 2005."

  • The reduction in home buyers "represents over 400,000 young individuals who would have owned a home in 2014 had it not been for the rise in debt."
  • "We found that a $1,000 increase in student loan debt ... causes a 1 to 2 percentage point drop in the homeownership rate for student loan borrowers during their late 20s and early 30s."

Yes, but: The Fed argued that student loan debt was an important but not "central cause" of the reduction in home buying. Researchers largely put the onus on tighter bank lending standards.

The bigger picture: The Fed also focused on additional harms from increased student debt.

  • "We show that higher student loan debt early in life leads to a lower credit score later in life, all else equal."

Go deeper: The average U.S. household has 828% more student debt than in 1999

Go deeper

Jan. 6 select committee subpoenas four Trump aides

Photo: Alex Wong/Getty Images

The Jan 6. select committee investigating the deadly Capitol riot has subpoenaed four aides to former President Trump for testimony and documents.

Why it matters: Former White House chief of staff Mark Meadows, former communications official Dan Scavino, former Defense Department official Kash Patel, and former Trump advisor Steve Bannon were all in touch "with the White House on or in the days leading up to the January 6th insurrection," the committee said in a release.

U.S. friends in Latin America are turning to China

Illustration: Shoshana Gordon/Axios

The U.S. is losing Latin America to China without putting up a fight, Ecuador’s ambassador to Washington told Axios, laying bare her frustrations with early inattention from the Biden administration.

Why it matters: Ecuador isn't alone. China has deepened its engagement in the region, and it's now the top trading partner for many of the region's largest economies. That gives Beijing considerable leverage in a region historically dominated by the U.S., and makes Latin America a major frontier in the global competition for influence.

1 dead, 14 injured in shooting at Kroger grocery store near Memphis

One person was killed and 14 others were injured Thursday in a shooting at a Kroger grocery store in Collierville, Tenn., near Memphis, the town's spokesperson Jennifer Casey said, per CNN.

What they're saying: "I've been involved in [police work] for 34 years and I have never seen anything like [this]," Police Chief Dale Lane said at a press conference.