A Study on the Housing Consumption Change in Life Cycle － Focused on aging group in Seoul Metropolitan Area －

Abstract

This study has analyzed how significant events of life cycle such as aging, children’s moving out and single aged household influence change of residential consumption space. There are lots of existing studies which analyzed how significant events of life cycle influence change of residential consumption space. Existing studies divided groups into elderly citizens and non-aged class through group comparison and also used estimated data when they formed residence consumption function. However, this study formed residence consumption function through Housing survey data and own house were the only objects of the analysis in order to exclude estimated data. In order to overcome weakness of the existing studies which used cross-section analysis, this study conducted time serial effect analysis using repetitive hedonic model on residence space per age group and tried to verify that the life cycle function can be recreated in different situation and time. According to general life cycle theory, when householders become middle aged group, they increase residential consumption and become elderly citizens after retirement, they reduce residential consumption. However, According to the result of this study, elderly citizens increase residence space for a fairly long time after retirement. In the other words, 60s and 70s age groups increase residence space as much as 50s age group does. It is hard to say that this study completely overcome the biggest weakness of the existing studies which used cross-section analysis. If panel data which can carry out follow-up survey on elderly citizens without omission of time serial samples is available in the future, more sophisticated result would come up.