Asset Building among U.S. Lawful Permanent Residents: The Role of Initial Legal Status

Abstract

Immigrants who ultimately attain U.S. lawful permanent residence (LPR) enter with various initial legal statuses, which stratify their access to resources and have great implications for their economic integration. This study examines how initial legal status affects LPRs’ asset building by investigating three types of financial assets – bank account ownership, investment account ownership, and retirement account ownership. Results reveal that initial legal status stratifies immigrants’ subsequent asset building – those with more institutional resources perform better in accruing assets. Findings provide unique insights into immigrant asset building and highlight postmigration resources, especially institutional-level ones, as facilitators in the process.