The Impact Changing Asian Attitudes and Preferences Will HAve on Seniors Housing Market Analysis. A Korean Example

As economies and societies transform, housing models must be modified to reflect changes in demand. Many Asian countries are experiencing demographic, economic, and cultural changes that are altering housing and living arrangements. Economic development has led to increasing life expectancy, decreasing fertility, better health, higher educational attainment, higher incomes, and establishment of pension plans. Many South Korean baby boomers will enter retirement with sufficient financial resources to support themselves during later life, providing the option to live independently. However, Asian cultural norms may require modification of Western housing demand models. We use a derivation of the push-pull and life-course movement models to examine which South Koreans are interested in independent living and seniors housing. Regression analysis results indicate that preference for independent living and seniors housing in South Korea is related to availability of pension resources, sex, presence of a son, and attitudes about intergenerational living, in-home care, and seniors housing. Pensions appears to be an enabling factor; however, the cultural expectation of the eldest son providing housing for his aging parents appears to be enduring and may indicate the need to modify Western housing demand models to incorporate this factor in estimating demand for seniors housing in Asian countries.