Are homeownership patterns stable enough to tap home equity?

Munnell, Alicia H.; Walters, Abigail N.; Belbase, Anek; Hou, Wenliang

doi:10.1016/j.jeoa.2020.100277

Cited by 5 publications

(3 citation statements)

References 24 publications

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“…As people move through their middle and later years, there is a tension between 'ageing in place' and 'making a change'. Many older people remain in their home through their later years; a study in America found that 53% stayed in the home they owned in their 50s (Munnell et al 2020). Others would consider changing home (usually to 'downsize') but would prefer to live in the same community where they have existing social connections (Wiles et al 2012).…”

Section: Older Adults Ageing In Placementioning

confidence: 99%

Societal changes and their challenges

Delbosc¹,

McCarthy²,

Shafi³

2023

Handbook on Transport and Land Use

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The built environment is created in a given time and place but the population that lives and works within it changes over time. Many of these changes are gradual, others are shortterm shocks with long-term consequences. The aim of this chapter is to explore the built environment implications of three long-term demographic shifts in the Global North: the growing role of immigration into developed countries, the ageing of the baby boomer generation and the millennial generation's transition into adulthood. It also discusses the potential long-term impacts that COVID-19 could have on cities, even once the virus is under control. Understanding these trends and their impacts on the built environment can arm policy-makers with tools to realize a better future for our cities and the ever-changing societies within them.

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Section: Older Adults Ageing In Placementioning

confidence: 99%

Societal changes and their challenges

Delbosc¹,

McCarthy²,

Shafi³

2023

Handbook on Transport and Land Use

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“…A recent study examined the stability of homeownership, precisely to assess whether borrowing against home equity is a reasonable option (Munnell et al 2020), using data from the 1992-2016 waves of the Health and Retirement Study (HRS). To describe the typical housing trajectories of people in their 50s until death required the creation of a synthetic cohort, 'splicing' together two cohorts to create a complete picture of late-life housing trajectories.…”

Section: Program Participationmentioning

confidence: 99%

“…Sequence groups for home-owning households in the synthetic cohort, 1992-2016.Source:Munnell et al (2020).…”

mentioning

confidence: 99%

Property Tax Deferral: Can a Public/Private Partnership Help Provide Lifetime Income?

2020

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Many retirees will not have enough money from conventional retirement programs to maintain their standard of living once they stop working. To help support themselves, they will need to tap their home equity, the major asset for most middle-income older households. Yet tapping home equity is difficult: most people are reluctant to downsize and, even when they do, they rarely reduce their housing expenses. Reverse mortgages are an option, but most households are put off by the enormity of the decision, the complexity of the product, and the high up-front costs. A statewide property tax deferral program overcomes the hurdles to accessing home equity. Property tax deferral does not provide access to as much home equity as a reverse mortgage, but the offsetting advantage is that some of the house value after the repayment of the loan and interest will be available for a bequest. At the household level, the proposed program is revenue-neutral: all taxes owed by a participating household are paid back, with interest sufficient to cover borrowing costs and administrative expenses. But because loans are made well in advance of repayments, the sponsor of the plan must cover start-up costs. In Massachusetts, if the state government simply borrowed money to cover the annual outlays, the state's ratio of debt-to-GSP would rise from 14.0 percent to 15.1 percent. The alternative is to involve the private sector. This decision would raise the costs to homeowners, but nevertheless it may be necessary to get a broad-based program up and running.

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Home equity and retirement funding: Challenges and opportunities

Baulkaran,

Jain

2024

Global Finance Journal

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Are homeownership patterns stable enough to tap home equity?

Cited by 5 publications

References 24 publications

Societal changes and their challenges

Societal changes and their challenges

Property Tax Deferral: Can a Public/Private Partnership Help Provide Lifetime Income?

Home equity and retirement funding: Challenges and opportunities

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