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Housing Mobility and Downsizing at Older Ages in Britain and the United States

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Author Info

  • Banks, James

    ()
    (Institute for Fiscal Studies, London)

  • Blundell, Richard

    ()
    (University College London)

  • Oldfield, Zoë

    ()
    (Institute for Fiscal Studies, London)

  • Smith, James P.

    ()
    (RAND)

Abstract

This paper investigates the effects of housing price risk on housing choices over the life-cycle. Housing price risk can be substantial but, unlike other risky assets which people can avoid, the fact that most people will eventually own their home creates an insurance demand for housing assets early in life. Our contribution is to focus on the importance of home ownership and housing wealth as a hedge against future house price risk for individuals moving up the ladder – people living in places with higher housing price risk should own their first home at a younger age, should live in larger homes, and should be less likely to refinance. These predictions are tested and shown to hold using panel data from the United States and Great Britain.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 5168.

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Length: 43 pages
Date of creation: Sep 2010
Date of revision:
Publication status: published in: Economica, 2011, [Early View]
Handle: RePEc:iza:izadps:dp5168

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Keywords: downsizing; migration;

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Cited by:
  1. Alessandro Bucciol & Raffaele Miniaci, 2011. "Household Portfolios and Risk Bearing over Age and Time," Working Papers, University of Verona, Department of Economics 15/2011, University of Verona, Department of Economics.
  2. James Banks & Elaine Kelly & James P. Smith, 2013. "Spousal Health Effects - the Role of Selection," NBER Working Papers 19438, National Bureau of Economic Research, Inc.

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