한국주거학회논문집 (Journal of the Korean housing association)

  • 제28권1호
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  • Pages.83-93
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  • 2017
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  • 2234-3571(pISSN)
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  • 2234-2257(eISSN)
한국주거학회 (The Korean Housing Association)
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예비은퇴기 및 노년기 자가소유 가구의 주택자산이 소비지출에 미치는 영향 분석

An Empirical Analysis on Housing Wealth and Household Consumption of Home-owning Pre-retirees and Older Adults

  • 이현정 (경희대학교 주거환경학과)
  • Lee, Hyunjeong (Dept. of Housing & Interior Design, Kyung Hee University)
  • 투고 : 2017.01.11
  • 심사 : 2017.02.16
  • 발행 : 2017.02.25
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초록

This research intends to find out the impact of housing wealth of home-owning pre-retirees and older adults consisting of young-old, middle-old and old-old groups on their household consumption. In doing so, this research analyzes 2,350 home-owning households by utilizing the 17th Korean Labour and Income Panel Study (KLIPS). The results show that housing wealth has a statistically significant effect on non-durable consumption of the pre-retirees, and young-old and middle-old groups of older adults, and housing wealth has a much stronger effect on household expenditure than does financial wealth or real estate. It's found that the consumption elasticity is particularly greater for female-headed households living in SMA, residing in apartments, holding a lower debt-to-asset ratio and being a pensioner. The empirical findings imply that the old-old group of older adults is unlikely to actively tap into their housing windfalls since housing asset becomes the last to dispose in the course of an individual's life. As housing wealth effects are especially strong when liquidity constraints faced by older adults are removed, it's of significance to substantially reduce household debt before retirement in order to constantly maintain an adequate level of household consumption or to promptly prepare for future contingencies.

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참고문헌

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