I saw Irina (UCSD) give a nice paper (joint with Makoto Makajima) on home equity withdrawal at the UW-Atlanta Fed Conference. While not the basic point of the a paper, she found evidence in the Health and Retirement Survey that a little over one percent of elderly households decided to downsize for the sake of downsizing--over the course of a decade,
A few months ago, I posted my skepticism about Arthur Nelson's claim that boomers will downsize en mass when they age. Irina and Makoto find that the elderly take equity of of their house so they may continue to live in them, We like our houses!
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3 comments:
This is good research. I agree with you elderly take equity of their house to live in them.
Arthur Nelson could learn a lot from this paper. I am much more inclined to believe these results than off-the-cuff predictions of major shifts in types of new construction or that older people will be moving en masse back the central city (many of them never lived there).
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