Windfalls Boost Divorce Rates?

The New York Times recently wrote about the "Buy Low, Divorce High" phenomenon playing out as New York property values have soared in recent years. Summing up the sentiment is this quote by a NY realtor: "She felt that she couldn't walk out on him until she had the money to move away and buy something on her own," Ms. Kleier said. "The real estate market allowed her to buy her freedom."

Wow. Buy her freedom? Sadly, this doesn't appear to be a new idea. Economists are familiar with this phenomenon. Even though divorce rates are declining over all, as far back as 1977 the economist Gary Becker showed that couples experiencing any unexpected, drastic rise in net worth are at risk of divorce. (The same holds true for a drastic decline in net worth.) Although couples who see their incomes rise steadily generally stay together, those who make more money than they ever expected are vulnerable to divorce. How tragic that the financial blessing these homeowners have experienced has ultimately resulted in these divorces.

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