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The Relationship Between Homeowner Age and House Price Appreciation

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HUD - PD&R
Abstract

This paper focuses on the empirical question: Do the houses of elderly homeowners appreciate at the same rate as the average house in their local market? As the population ages and retirees plan their financial future, owners need to project accurately the value of their single largest asset, their house. The federal government is also concerned about the financial welfare of its elderly citizens, not only because the government funds many elderly programs, but also because the government provides insurance for reverse mortgages. The future liability of the fund depends on the house price appreciation for the properties of elderly owners. Six theories are considered with support from the literature. However, the primary contribution of this paper is the empirical analysis.

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Paper provided by HUD USER, Economic Development in its series Economic Development Publications with number 39137.

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Length: 78 pages
Date of creation: Dec 2005
Date of revision:
Handle: RePEc:hud:wpaper:39137

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  1. Edward L. Glaeser & Joseph Gyourko, 2005. "Urban Decline and Durable Housing," Journal of Political Economy, University of Chicago Press, vol. 113(2), pages 345-375, April.
    Other versions:
  2. Steven F. Venti & David A. Wise, 2000. "Aging and Housing Equity," NBER Working Papers 7882, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Knight, John R. & Sirmans, C. F., 1996. "Depreciation, Maintenance, and Housing Prices," Journal of Housing Economics, Elsevier, vol. 5(4), pages 369-389, December. [Downloadable!] (restricted)
  4. Dennis R. Capozza & Ryan D. Israelsen & Thomas A. Thomson, 2005. "Appraisal, Agency and Atypicality: Evidence from Manufactured Homes," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(3), pages 509-537, 09. [Downloadable!] (restricted)
  5. Fang Yang, 2006. "Consumption along the life cycle: how different is housing?," Working Papers 635, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
  6. Steven F. Venti & David A. Wise, 2001. "Aging and Housing Equity: Another Look," NBER Working Papers 8608, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  7. Goodman, John Jr. & Ittner, John B., 1992. "The accuracy of home owners' estimates of house value," Journal of Housing Economics, Elsevier, vol. 2(4), pages 339-357, December. [Downloadable!] (restricted)
  8. Thomas J. Miceli & C.F. Sirmans, 1994. "Reverse Mortgages and Borrower Maintenance Risk," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 22(2), pages 433-450. [Downloadable!] (restricted)
  9. Honggao Cao & Thomas Juster, 2004. "Correcting Second Home Equity in HRS/AHEAD: the Issues, a Method, and Preliminary Results," Working Papers wp081, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
  10. Kermit Baker & Bulbul Kaul, 2002. "Using Multiperiod Variables in the Analysis of Home Improvement Decisions by Homeowners," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 30(4), pages 551-566. [Downloadable!] (restricted)
  11. David T. Rodda & Ken Lam & Andrew Youn, 2004. "Stochastic Modeling of Federal Housing Administration Home Equity Conversion Mortgages with Low-Cost Refinancing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 32(4), pages 589-617, December. [Downloadable!] (restricted)
  12. Barbara A. Butrica & Joshua H. Goldwyn & Richard W. Johnson, 2005. "Understanding Expenditure Patterns in Retirement," Working Papers, Center for Retirement Research at Boston College 2005-03, Center for Retirement Research. [Downloadable!]
  13. K. Chau & S. Wong & C. Yiu, 2005. "Adjusting for Non-Linear Age Effects in the Repeat Sales Index," The Journal of Real Estate Finance and Economics, Springer, vol. 31(2), pages 137-153, September. [Downloadable!] (restricted)
  14. DiPasquale, Denise & Somerville, C. Tsuriel, 1995. "Do House Price Indices Based on Transacting Units Represent the Entire Stock? Evidence from the American Housing Survey," Journal of Housing Economics, Elsevier, vol. 4(3), pages 195-229, September. [Downloadable!] (restricted)
  15. Thomas P. Boehm & Keith R. Ihlanfeldt, 1986. "The Improvement Expenditures of Urban Homeowners: An Empirical Analysis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(1), pages 48-60. [Downloadable!] (restricted)
  16. Bogdon, Amy S., 1996. "Homeowner Renovation and Repair: The Decision to Hire Someone Else to Do the Project," Journal of Housing Economics, Elsevier, vol. 5(4), pages 323-350, December. [Downloadable!] (restricted)
  17. Peter B. Nelson, 2004. "Nonearnings Income Migration in the United States: Anticipating the Geographical Impacts of Baby Boom Retirement," Working Papers, Center for Retirement Research at Boston College 2004-31, Center for Retirement Research. [Downloadable!]
  18. Joseph Gyourko & Joseph Tracy, 2006. "Using Home Maintenance and Repairs to Smooth Variable Earnings," The Review of Economics and Statistics, MIT Press, vol. 88(4), pages 736-747, October. [Downloadable!] (restricted)
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  19. Robert J. Shiller & Allan N. Weiss, 2000. "Moral Hazard in Home Equity Conversion," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 28(1), pages 1-31. [Downloadable!] (restricted)
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