No Place Like Home: Older Adults and Their Housing

Fisher, Jonathan; Johnson, David S.; Marchand, Joseph; Smeeding, Timothy M.; Torrey, Barbara Boyle

doi:10.1093/geronb/62.2.s120

Cited by 53 publications

(32 citation statements)

References 19 publications

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“…Changing to the "real" US-PSID poverty line at the bottom, Norway is least poor based on income alone, followed by the U.S. 13 Net worth poverty is two to three times income poverty in most nations, owing to those who have very low or no assets, both in terms of overall net worth and liquid assets. Of course, it would be difficult to liquidate housing wealth if income flows were zero, but the availability of home equity loans and second mortgages makes this possible in most nations (see Fisher et al, 2007, for U.S. estimates).…”

Section: Integrating Wealth Into Poverty Analysis: Comparative Resultmentioning

confidence: 99%

Asset-Based Measurement of Poverty

Brandolini¹,

Magri²,

Smeeding³

2012

Counting the Poor

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Poverty is generally defined as income or expenditure insufficiency, but the economic condition of a household also depends on its real and financial asset holdings. This paper investigates measures of poverty that rely on indicators of household net worth. We review and assess two main approaches followed in the literature: income-net worth measures and assetpoverty. We provide fresh cross-national evidence based on data from the Luxembourg Wealth Study.

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Section: Integrating Wealth Into Poverty Analysis: Comparative Resultmentioning

confidence: 99%

Asset-Based Measurement of Poverty

Brandolini¹,

Magri²,

Smeeding³

2012

Counting the Poor

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“…Owner occupied housing offers a double benefit to investors: an asset they can sell in times of need (usually, though not always, at a monetary gain) and one that also provides a flow of services in terms of below market value housing flows (Fisher, et al 2007;2009) . Further, because ownership allows individuals to have full discretion in the design and use of a residence, it allows superior flows of housing consumption tailor made to fit the utility function of the owners including any psychologically relevant sentiments embedded in the fact of ownership.…”

Section: Introductionmentioning

confidence: 99%

Distributional effects of imputed rents in five European countries

Frick

Grabka

Smeeding

et al. 2010

Journal of Housing Economics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Most empirical distributional studies of well-being in developed countries rely on distributions of disposable income. From a theoretical point of view this practice is contentious since a household's command over resources is determined not only by its spending power over commodities it can buy in the market but also on resources available to the household members through non-market mechanisms such as the in-kind provisions of the welfare state and the value of private non-cash incomes. In developed market economies the most important private non-cash income component is imputed rent from owneroccupied or subsidized accommodation. Employing a wider definition of imputed rent that also allows the analyst to capture income advantages among tenants living in rentsubsidized accommodations of various sorts (including rent-free or reduced-rent households), the present paper examines the differential effects of including imputed rents in the concept of resources in five European countries (Belgium, Germany, Greece, Italy and the UK). The results suggest that in almost all cases, the inclusion of imputed rents in the concept of resources leads to a decline in measured levels of inequality and poverty. The main beneficiaries are outright homeowners and households living in rent-free (or heavily subsidised) accommodation -most often older persons. The inclusion of imputed rents in the concept of resources does not lead to substantial changes in the ranking of the countries according to their level of inequality, despite widespread differences in the rates of home ownership and subsidization across the countries studied here. Terms of use: Documents in2

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“…29 The idea that there is no place like home is recurrent. For example, see Fisher et al (2007) and Sabia (2008).…”

Section: Discussionmentioning

confidence: 99%

Determinants and Consequences of Moving Decisions for Older Americans

2009

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The lore on whether older Americans move is mixed. While the familiar stereotype is that retirees flock to Florida or Arizona, prior studies have found that their home equity rises modestly over time, suggesting that they tend to stay put. This paper examines moving trends, determinants, and consequences using the original cohort of the Health and Retirement Study (HRS). We find that a full 30 percent of homeowners in the HRS cohort move over the 1992-2004 period, but most moves occur close to home. Overall, two types of movers emerge from the analysis -those who affirmatively plan to move and those who react to changing circumstances. As proxies for these two types, this study uses the presence or absence of a negative shock, such as death of a spouse or entry into a nursing home. Our results show that the factors that help determine a move are similar for both groups, while the consequences of a move vary. Homeowners with shocks are more likely to discontinue homeownership and reduce net equity, supporting the hypothesis that households may view housing wealth as insurance against catastrophic events. Finally, while movers in both groups of homeowners experience improvements in psychological well-being, movers with shocks are impacted most by the shocks themselves.

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No Place Like Home: Older Adults and Their Housing

Cited by 53 publications

References 19 publications

Asset-Based Measurement of Poverty

Asset-Based Measurement of Poverty

Distributional effects of imputed rents in five European countries

Determinants and Consequences of Moving Decisions for Older Americans

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