Housing Wealth, Property Taxes and Labor Supply among the Elderly
نویسندگان
چکیده
We investigate the relationship between housing wealth, property taxes, and elderly labor supply. Using twenty years of restricted access data from the Health and Retirement Study (HRS) containing plausibly exogenous variation in housing wealth from the recent boom/bust cycle and MSA-specific housing price indexes, we estimate longitudinal and difference-in-difference models. Our findings suggest elderly households respond to variation in housing wealth and property taxes in the predicted opposing directions, that labor decisions are sensitive to changes in both housing wealth and financial wealth, and that the effects of housing wealth on labor outcomes are gendered and subject to age-related heterogeneity.
منابع مشابه
Property Taxes and Elderly Mobility.
The 2000-05 housing market boom in the U.S. has caused sharp increases in residential property taxes. Housing-rich but income-poor elderly homeowners often complain about rising tax burdens, and anecdotal evidence suggests that some move to reduce their tax burden. There has been little systematic analysis, however, of the link between property tax levels and the mobility rate of elderly homeow...
متن کاملUK Housing and Planning Policies : the evidence from economic research
• In 2014, UK house prices per square metre were the second highest in the world (topped only by Monaco), with especially high valuations in London and the South East. New houses are about 40% smaller than in similarly densely populated European countries. • Over the last 40 years, house price growth in the UK has been faster than in any other OECD country and has far outstripped earnings growt...
متن کاملJournal of Housing Economics
Federal rental subsidies appear to create disincentives for work through marginal taxes on earnings, income effects, and requirements that nonrecipients on waiting lists maintain low incomes in order to remain eligible. This paper takes advantage of the rationing of housing subsidies by identifying labor supply effects using analytic methods that could not be validly applied to unrationed progr...
متن کاملThe Effect of Wealth on Retirement (Preliminary)
This paper estimates the effect of wealth on retirement. I use an instrumental variables (IV) estimation approach in which wealth is instrumented with two plausibly exogenous sources of variation. The first is geographic variation in the rate of housing price growth, and the second is unanticipated inheritance receipts. I estimate the model on older men in the Health and Retirement Study betwee...
متن کاملEstimating the shortage of housing supply in disadvantaged provinces in terms of available housing, (space panel approach)
Certainly any investor in the housing sector will turn their attention to geographically densely populated areas. In contrast to the behavior of private housing investors, the government and the central bank, as the most effective policy-making institutions in the field of finance and monetary affairs, have a duty to balance the comprehensive development of housing between the provinces of the ...
متن کامل