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Savings, home ownership, and depression in low-income US adults

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Abstract

Purpose

While the association between income and depression is well established, less explored is the relation between wealth and depression, particularly among low-income adults. We studied the relation between two types of assets—savings and home ownership—and probable depression to understand how access to different assets may shape depression among low-income US adults.

Methods

Study sample We conducted a serial cross-sectional, observational study with 12,019 adults with low-income in the United States using National Health and Nutrition Examination Survey (NHANES) data from 2007 to 2016.

Measures We measured probable major depressive disorder (MDD) with impairment using the Patient Health Questionnaire-9. Low savings was defined as having $5000 or less in family savings. Statistical analysis We estimated adjusted and unadjusted prevalence, odds ratios, and predicted probability of probable MDD across asset groups.

Results

Of low-income US adults, 5.4% had probable MDD with impairment, 85.9% had low savings, and 54.9% rented their home. Persons with low savings had 2.34 (95% CI 1.44–3.79) times the odds of having probable MDD relative to those with high savings. Home owners had 2.14 (95% CI 1.20–3.86) and home renters had 3.65 (95% CI 1.45–9.20) times the odds of having probable MDD if they had low savings relative to high savings.

Conclusion

Family savings and home ownership are associated with lower burden of depression among low-income adults in the US.

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Availability of data and material

Data used are available to the public through the National Center for Health Statistics: https://www.cdc.gov/nchs/nhanes/index.htm.

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Funding

Catherine K. Ettman worked on this project while funded by the National Institutes of Health T32 AG 23482–15.

Author information

Authors and Affiliations

  1. School of Public Health, Boston University, Boston, MA, USA

    Catherine K. Ettman, Gregory H. Cohen & Sandro Galea

  2. School of Public Health, Brown University, Providence, RI, USA

    Catherine K. Ettman & Patrick M. Vivier

  3. Mailman School of Public Health, Columbia University, NYC, NY, USA

    Gregory H. Cohen

  4. Hassenfeld Child Health Innovation Institute, Providence, RI, USA

    Patrick M. Vivier

Authors
  1. Catherine K. Ettman
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  2. Gregory H. Cohen
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  3. Patrick M. Vivier
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  4. Sandro Galea
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Contributions

CKE: main author, conceived the project, developed the conceptual framework for the study, analyzed the preliminary data, and wrote the manuscript. GHC: assisted in developing the conceptual framework for the study, analyzing in preliminary data, and editing the manuscript. PHV: assisted in analyzing preliminary data and editing the manuscript. SG: assisted in developing the conceptual framework for the study, analyzing preliminary data, and editing the manuscript. All authors read and approved the final version of the manuscript.

Corresponding author

Correspondence to Catherine K. Ettman.

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Conflict of interest

No financial disclosures were reported by the authors of this paper.

Code availability

STATA software, version 15.1, (College Station, TX: StataCorp LP) used.

Ethics approval

The Brown University Human Research Protection Office determined that this study did not qualify as human subject research.

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Ettman, C.K., Cohen, G.H., Vivier, P.M. et al. Savings, home ownership, and depression in low-income US adults. Soc Psychiatry Psychiatr Epidemiol 56, 1211–1219 (2021). https://doi.org/10.1007/s00127-020-01973-y

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  • DOI: https://doi.org/10.1007/s00127-020-01973-y

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