NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Aging, Moving, and Housing Wealth

Steven F. Venti, David A. Wise

NBER Working Paper No. 2324 (Also Reprint No. r1144)
Issued in July 1987
NBER Program(s):   AG

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.

download in pdf format
   (347 K)

email paper

The NBER Bulletin on Aging and Health provides summaries of publications like this.  You can sign up to receive the NBER Bulletin on Aging and Health by email.

This paper is available as PDF (347 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w2324

Published:

  • Venti, Steven F. and David A. Wise. "Aging, Moving and Housing Wealth," Economics of Aging, ed. by David A. Wise, pp. 9-48. Chicago: The Universityof Chicago Press, 1989.
  • Venti, Steven F. and David A. Wise. "Aging And The Income Value Housing Wealth," Journal of Public Economics, 1991, v44(3), 371-398.
  • Aging, Moving, and Housing Wealth, Steven F. Venti, David A. Wise. in The Economics of Aging, Wise. 1989

Users who downloaded this paper also downloaded these:
Venti and Wise Aging, Moving, and Housing Wealth
Venti and Wise w8608 Aging and Housing Equity: Another Look
Venti and Wise w3547 Aging and the Income Value of Housing Wealth
Himmelberg, Mayer, and Sinai w11643 Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions
Sinai and Souleles w13693 Net Worth and Housing Equity in Retirement
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us