Korea Real Estate Review 2023 KCI Impact Factor : 0.56
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pISSN : 2092-5395 / eISSN : 2733-8339
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A Study on Factors that affect the Housing Downsizing of the Elderly Households
- Korea Real Estate Review
- 2013, 23(3), pp.235-254
- Publisher : korea real estate research institute
- Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
1건국대학교 부동산학과 박사
Accredited
ABSTRACT
The purpose of this study is to find out the determinants on housing downsizing of the elderly households in Korea of rapid aging society with 1st baby boomer’s retirement. Using the Housing Condition Survey, this paper analyzes empirically by Probit estimation with binary index and OLS method according to the life-cycle model. And this study makes the cohort data through Venti and Wise (2001)’s method. As a result of analysis, the elderly households’s homeownership downsizing (i.e. from own to rent) rate decreases but their housing space downsizing rate increases. The higher are income and housing wealth, the lower is likely to downsize of housing. Also, the higher is education degree, the higher is likely to downsizing. This study shows mixed evidences in consuming housing wealth of Korean older people. First, contrary to the life-cycle hypothesis (LCH), Households above 70 age is not likely to downsize. But second, some economic variables affects housing downsizing as LCH predicts.
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