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Centre for Policy on Ageing | |
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No place like home
— older adults and their housing | | Author(s) | Jonathan D Fisher, David S Johnson, Joseph T Marchand |
| Journal title | Journals of Gerontology: Series B, Psychological Sciences and Social Sciences, vol 62B, no 2, March 2007 |
| Pages | pp S120-S128 |
| Source | http://www.geron.org |
| Keywords | Housing [elderly] ; Expenditure [elderly] ; Consumer ; Longitudinal surveys ; United States of America. |
| Annotation | The home is both older Americans' largest asset and their largest consumption good. This article uses 20 years of data from the US Consumer Expenditure Survey to examine the asset and consumption trends of four cohorts of older Americans. The data was also compared with other survey results. Older Americans' home ownership rates were stable until age 80. The homes were increasingly mortgage free; home equity increased with age; and relatively few older people took out home equity loans or reverse annuity mortgages. Housing consumption flows increased with age; non-housing consumption flows declined after age 60 at a rate of approximately 1.4% a year. The results suggest that the consumption of cohorts of older Americans does not decrease dramatically over a 20-year period and that they are also not converting their housing assets into other types of income or consumption, at least up to age 80. A number of reasons, including the bequest motive and the life cycle hypothesis, might explain this behaviour. (RH). |
| Accession Number | CPA-070504252 A |
| Classmark | KE: J3: WY: 3J: 7T |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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