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@article{ART001831793},
author={KIM DAEHWAN and Lee Sung-Gun and Hwagyoo Park},
title={A Study on the Effects of Retirement and Retirement Period on Housing Consumption},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2013},
volume={23},
number={3},
pages={123-134}

TY - JOUR
AU - KIM DAEHWAN
AU - Lee Sung-Gun
AU - Hwagyoo Park
TI - A Study on the Effects of Retirement and Retirement Period on Housing Consumption
JO - Korea Real Estate Review
PY - 2013
VL - 23
IS - 3
PB - korea real estate research institute
SP - 123
EP - 134
SN - 2092-5395
AB - It has been debated whether currently depressed real estate market is short-term phenomenon or the depressed market keeps going in the long run. The pessimistic views are based on the assumption that retirees liquidate their real estate for obtaining stable income stream in order to maintain their life patterns. Priori literature have suggested that demographic changes and retirement are influence factors in determining real estate price. However, it has been little empirically investigated in Korea. Utilizing panel data with a fixed effect model, this paper tests the retirement effects on the housing consumption. Empirical results show that as individuals retire and retirement period is extended, they sell their house. On the other hand, even the old keep their house as their income relative to spend remains stable. Since baby-boomers who retire soon have relatively stable income stream such as pension income, the housing price would not fall as much as expected even though the negative retirement effects of the baby- boomers on the real estate.
KW - retirement;aging;real estate;demographic;panel analysis;fixed effect model
DO -
UR -
ER -

KIM DAEHWAN, Lee Sung-Gun and Hwagyoo Park. (2013). A Study on the Effects of Retirement and Retirement Period on Housing Consumption. Korea Real Estate Review, 23(3), 123-134.

KIM DAEHWAN, Lee Sung-Gun and Hwagyoo Park. 2013, "A Study on the Effects of Retirement and Retirement Period on Housing Consumption", Korea Real Estate Review, vol.23, no.3 pp.123-134.

KIM DAEHWAN, Lee Sung-Gun, Hwagyoo Park "A Study on the Effects of Retirement and Retirement Period on Housing Consumption" Korea Real Estate Review 23.3 pp.123-134 (2013) : 123.

KIM DAEHWAN, Lee Sung-Gun, Hwagyoo Park. A Study on the Effects of Retirement and Retirement Period on Housing Consumption. 2013; 23(3), 123-134.

KIM DAEHWAN, Lee Sung-Gun and Hwagyoo Park. "A Study on the Effects of Retirement and Retirement Period on Housing Consumption" Korea Real Estate Review 23, no.3 (2013) : 123-134.

KIM DAEHWAN; Lee Sung-Gun; Hwagyoo Park. A Study on the Effects of Retirement and Retirement Period on Housing Consumption. Korea Real Estate Review, 23(3), 123-134.

KIM DAEHWAN; Lee Sung-Gun; Hwagyoo Park. A Study on the Effects of Retirement and Retirement Period on Housing Consumption. Korea Real Estate Review. 2013; 23(3) 123-134.

KIM DAEHWAN, Lee Sung-Gun, Hwagyoo Park. A Study on the Effects of Retirement and Retirement Period on Housing Consumption. 2013; 23(3), 123-134.

KIM DAEHWAN, Lee Sung-Gun and Hwagyoo Park. "A Study on the Effects of Retirement and Retirement Period on Housing Consumption" Korea Real Estate Review 23, no.3 (2013) : 123-134.