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Aging, Moving, and Housing Wealth

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Author Info
Steven F. Venti
David A. Wise

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Abstract

We have described the relationship between family attributes and moving, and between moving and change in housing wealth. Moving is often associated with retirement and with precipitating shocks like the death of a spouse or by other changes in marital status. Median housing wealth increases as the elderly age. Even when the elderly move, housing equity is as likely to increase as to decrease. Thus, the typical mover is not liquidity constrained, although some are. High transaction cost associated with moving is apparently not the cause for the lack of the reduction in housing wealth as the elderly age. The absence of a well-developed market for reverse mortgages may be explained by a lack of demand for these financial instruments. The evidence suggests that the typical elderly family does not wish to reduce housing wealth to increase current consumption. For whatever reason, there is apparently a considerable attachment among homeowners to past housing.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2324.

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Date of creation: Mar 1989
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Publication status: published relationship to a non-chapter. This should not happen. Please contact NBER.
Handle: RePEc:nbr:nberwo:2324

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  1. Steven F. Venti & David A. Wise, 1990. "Aging and the Income Value of Housing Wealth," NBER Working Papers 3547, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Lara Gardner & Donna Gilleskie, 2006. "The Effects of State Medicaid Policies on the Dynamic Savings Patterns of the Elderly," NBER Working Papers 12208, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Lina Walker, 2004. "Elderly Households and Housing Wealth: Do They Use It or Lose It?," Working Papers wp070, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
  4. Michael Hurd, 2003. "Are Bequests Accidental or Desired?," Working Papers 03-13, RAND Corporation Publications Department. [Downloadable!]
  5. Gary V. Engelhardt, 2000. "Have 401(k)s Raised Household Saving? Evidence from the Health and Retirement Study," Social and Economic Dimensions of an Aging Population Research Papers 33, McMaster University. [Downloadable!]
  6. Michael D. Hurd, 1990. "Issues and Results from Research on the Elderly I: Economic Status (Part I of III Parts)," NBER Working Papers 3018, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Jonathan Skinner, 1991. "Housing and Saving in the United States," NBER Working Papers 3874, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  8. Richard Disney & Paul Johnson & Gary Stears, 1998. "Asset wealth and asset decumulation among households in the Retirement Survey," Fiscal Studies, Institute for Fiscal Studies, vol. 19(2), pages 153-174, May. [Downloadable!]
  9. Michael Hurd & Elaine Reardon, 2003. "Real Wealth Changes from 1982 to 1991 Among the Newly Retired," Working Papers 03-15, RAND Corporation Publications Department. [Downloadable!]
  10. Thomas F. Crossley & Yuri Ostrovsky, 2003. "A Synthetic Cohort Analysis of Canadian Housing Careers," Social and Economic Dimensions of an Aging Population Research Papers 107, McMaster University. [Downloadable!]
  11. Courtney Coile & Kevin Milligan, 2006. "How Household Portfolios Evolve After Retirement: The Effect of Aging and Health Shocks," NBER Working Papers 12391, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  12. Steven F. Venti & David A. Wise, 1996. "The Wealth of Cohorts: Retirement Saving and the Changing Assets of Older Americans," NBER Working Papers 5609, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  13. 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:
  14. Jonathan S. Feinstein, 1993. "Elderly Health, Housing, and Mobility," NBER Working Papers 4572, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  15. Louise Sheiner & David N. Weil, 1992. "The Housing Wealth of the Aged," NBER Working Papers 4115, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  16. Hui Shan, 2008. "Property taxes and elderly mobility," Finance and Economics Discussion Series 2008-50, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  17. Andrew Benito, . "Housing equity as a buffer: evidence from UK households," Bank of England working papers 324, Bank of England. [Downloadable!]
  18. Alicia H. Munnell & Mauricio Soto & Jean-Pierre Aubry, 2007. "Do People Plan to Tap Their Home Equity in Retirement?," Issues in Brief ib2007-7-7, Center for Retirement Research, revised May 2007. [Downloadable!]
  19. Steven F. Venti & David A. Wise, 2000. "Aging and Housing Equity," NBER Working Papers 7882, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  20. Christopher J. Mayer & Katerina Simons, 1993. "Reverse mortgages and the liquidity of housing wealth," Working Papers 93-5, Federal Reserve Bank of Boston. [Downloadable!]
  21. Jonathan Skinner, 2007. "Are You Sure You're Saving Enough for Retirement?," NBER Working Papers 12981, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  22. James H. Stock & David A. Wise, 1988. "Pensions, The Option Value of Work, and Retirement," NBER Working Papers 2686, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  23. Jonathan Skinner, 1989. "Housing Wealth and Aggregate Saving," NBER Working Papers 2842, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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