고령화와 주택시장: 은퇴 전후 주택소비 변화를 중심으로
Aging and Housing Market: Evidence from Changes in Housing Consumption Before and After Retirement
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There exists a large literature documenting the tendency of decline in housing consumption with aging. However, most of the existing studies rely on cross-section data that encompass observations that are not relevant for analyzing the impact of aging on the housing market. This study utilizes a subset of panel data and focus on the behavior of households who are owner-occupants of medium and large sized dwellings before and after retirement to analyze the pattern of changing housing consumption with respect to dwelling size, occupancy, and housing and real estate asset holdings. The results are consistent with the existing literature in that housing consumption decreases with aging but differ from it in that the downsizing is likely to begin about ten years later, implying that an immediate downfall of housing price is not likely.
Abstract
There exists a large literature documenting the tendency of decline in housing consumption with aging. However, most of the existing studies rely on cross-section data that encompass observations that are not relevant for analyzing the impact of aging on the housing market. This study utilizes a subset of panel data and focus on the behavior of households who are owner-occupants of medium and large sized dwellings before and after retirement to analyze the pattern of changing housing consumption with respect to dwelling size, occupancy, and housing and real estate asset holdings. The results are consistent with the existing literature in that housing consumption decreases with aging but differ from it in that the downsizing is likely to begin about ten years later, implying that an immediate downfall of housing price is not likely.
참고문헌 (20)
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