Housing and economic inequality in the long run: The retreat of owner occupation

Smith, Susan J.; Clark, William A. V.; ViforJ, Rachel Ong; Wood, Gavin; Lisowski, William; Truong, N.T. Khuong

doi:10.1080/03085147.2021.2003086

Cited by 34 publications

(32 citation statements)

References 63 publications

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“…Smith et al (2022) present a similar conclusion concerning a retreat of owner occupation and new trends in housing emerging as a result of the GFC. Also, the newer data (European Mortgage Federation, 2021) on owner occupation rate confirm that homeownership is slowly decreasing.…”

supporting

confidence: 65%

“…As argued by Arundel and Doling (2017), based on an in‐depth analysis of 29 European countries, after the Great Financial Crisis ‘ the likelihood of a return to an era of widespread homeownership growth starkly decreased ’. Smith et al (2022) present a similar conclusion concerning a retreat of owner occupation and new trends in housing emerging as a result of the GFC. Also, the newer data (European Mortgage Federation, 2021) on owner occupation rate confirm that homeownership is slowly decreasing.…”

Section: Discussionmentioning

confidence: 70%

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Is there a trade‐off between housing and pension system generosity? Empirical evidence from the Luxembourg Wealth Study

Marcinkiewicz

Chybalski

2022

Soc Policy Adm

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This study contributes to the discussion about the role of housing in the old‐age security. It attempts to identify some patterns concerning wealth accumulation preferences among elderly households. We pose a question whether these patterns can be associated with pension generosity measured by the level of income replacement. The study employs micro‐data from the Luxembourg Wealth Study dataset. Using statistical analysis and multinomial logistic regression modelling we examine housing wealth patterns among elderly households with a special focus on the possible linkage between housing and pension system's generosity. The results of cross‐country comparisons imply that there are large country differences in terms of housing wealth accumulation. Analyses of the relationship between (average) pension system generosity and the (average) share of housing assets in total assets at the country level using aggregated values do not provide any evidence for the pensions‐housing trade‐off. However, when the level of aggregation is reduced, a different picture emerges. Especially when the households having very small or no housing assets relative to total assets are excluded, it becomes clearer that individuals receiving higher pension tend to differentiate their asset portfolio. A possible explanation for this result could be that housing equity becomes less attractive as its role of old‐age security is limited by pension generosity.

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supporting

confidence: 65%

Section: Discussionmentioning

confidence: 70%

Is there a trade‐off between housing and pension system generosity? Empirical evidence from the Luxembourg Wealth Study

Marcinkiewicz

Chybalski

2022

Soc Policy Adm

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“…However, there has been less attention on the links between housing and income inequality, where the influence of housing may be weaker. It should also be acknowledged that wealth inequality has always been more extreme than income inequality (Smith et al 2022).…”

Section: Housing and Intergenerational Policy Planningmentioning

confidence: 99%

Australia’s Housing System and Intergenerational Sustainability

ViforJ¹

2023

More Than Fiscal: The Intergenerational Report, Sustainability and Public Policy in Australia

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In the context of housing, intergenerational sustainability is related to the ability to meet the housing needs of the current generation without compromising the ability of future generations to meet their needs.• There are clear changes emerging that signal threats to intergenerational sustainability in the Australian housing system, thereby also impacting inter-and intra-generational equity as well as the retirement income system more generally. • Most elderly retirees are likely to continue to be securely positioned in outright ownership, but younger generations face a much more precarious housing future. • Today's young people are postponing their first home purchase, but the downward trend in home ownership rates among the young also reflects structural factors that hinder access to home ownership. • Larger numbers of future retirees will spend their retirement as renters or mortgagors, calling into question the adequacy of the age pension for future retirees. Commonwealth Rent Assistance to increase its adequacy and targeting, and growth to the supply of social housing. • To prevent further polarisation in the housing system between the old and the young, between current and future retirees, and between the asset-rich and asset-poor, there is a clear need to widen the policy focus beyond home ownership to promoting housing security and affordability across all tenures and for all generations.1 Real values are expressed at December 2021 price levels. See note under Figure 7.1.

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“…Housing thus becomes a commodity to be purchased rather than a right afforded to all, a private rather than a public matter (Hohmann, 2019;Wetzstein, 2022). Accounting for the majority of the 21st-century rise in total private wealth, housing (rather than labour) markets become the primary site of struggles over the distribution of income and wealth (Smith et al, 2022). Via this process of 'enclosure,' housing becomes a direct conduit for fickle international financial markets (Ronald, 2008).…”

Section: Assetisation and The Rise Of The Culture Of Real Estatementioning

confidence: 99%

(Tiny) spaces of hope: Reclaiming, maintaining, and reframing housing in the tiny house movement

Wilson

Wadham

2023

Environ Plan D

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This article explores the tiny house movement as a contemporary example of alternative housing practices. Within the stories women tell about their tiny house journeys, we uncover diverse prefigurative practices and politics, which in turn invoke an expanded sense of fairness and agency in and through housing. Framed by Colin Ward’s work on dweller-control and self-help, the article draws on interviews with over 30 women from Europe, the UK, US, Australia, and South Africa. Through their experiences, we explore the growing place of the tiny house movement in the popular imagination. Individually, tiny houses offer an imperfect yet compelling alternative for their inhabitants. Collectively, the tiny house movement potentially advances a more just and equitable approach to housing by providing inspiration for those seeking to question apparently unassailable ideas about how we should live.

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Housing and economic inequality in the long run: The retreat of owner occupation

Cited by 34 publications

References 63 publications

Is there a trade‐off between housing and pension system generosity? Empirical evidence from the Luxembourg Wealth Study

Is there a trade‐off between housing and pension system generosity? Empirical evidence from the Luxembourg Wealth Study

Australia’s Housing System and Intergenerational Sustainability

(Tiny) spaces of hope: Reclaiming, maintaining, and reframing housing in the tiny house movement

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