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Centre for Policy on Ageing | |
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Home ownership in later life
— financial benefit or burden? | | Author(s) | Ruth Hancock, Janet Askham, Helen Nelson |
| Corporate Author | Joseph Rowntree Foundation - JRF |
| Publisher | YPS, for the Joseph Rowntree Foundation, York, 1999 |
| Pages | 58 pp |
| Source | York Publishing Services Ltd., 64 Hallfield Road, Layerthorpe, York YO31 7ZQ. |
| Keywords | Owner occupied dwellings ; Economic status [elderly] ; Assets [elderly] ; Home equity release schemes ; Social surveys. |
| Annotation | Using data on the levels of housing wealth, housing expenditure and financial resources of today's older home-owners, this study analyses the financial benefits and burdens of owner occupation in later life. Two key questions are asked. First, what are the current housing costs of older owner-occupiers, and how do these compare with older people living in other forms of tenure? Second, can owner occupation provide a usable capital asset, as well as meeting housing needs in later life? More specifically, can housing wealth be used to reduce poverty in old age? The researchers highlight how Housing Benefit (HB) reduces the cost of renting, compared with owning for low-income older people. They analyse the potential for housing wealth to alleviate poverty in later life through equity release, and explore housing as a form of saving in old age. They conclude that owning one's home in later life is not a financial panacea. This study is a companion volume to "To have and to hold: the bond between older people and the homes they own" by Janet Askham et al. (RH). |
| Accession Number | CPA-991014002 B |
| Classmark | KEA: F:W: JD: WQB: 3F |
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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