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Aging and Housing Returns

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Older home sellers receive lower returns than younger home sellers. Homes sold by older people have fewer major renovations but higher rates of poor upkeep. Older sellers are also more likely to sell off-MLS (“pocket listings”) and to sell to investors, leading to lower prices. These patterns suggest that older sellers may be disproportionately disadvantaged by agents’ incentive to maximize fees through generating high sales volume instead of maximizing sale prices. Age-related cognitive decline makes the elderly more vulnerable. For causal evidence, we show that reforms making private listings more transparent reduced both the prevalence of pocket listings and the magnitude of the age gap in returns.

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  • Natee Amornsiripanitch & Philip E. Strahan & Song Zhang, 2025. "Aging and Housing Returns," Working Papers 25-35, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpwp:102051
    DOI: 10.21799/frbp.wp.2025.35
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    File URL: https://www.philadelphiafed.org/-/media/FRBP/Assets/working-papers/2025/wp25-35.pdf
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    JEL classification:

    • G5 - Financial Economics - - Household Finance
    • J1 - Labor and Demographic Economics - - Demographic Economics

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