Browse > Article

Determinants of Housing Down Payment Sources Among Baby Boomer Households in the U.S.  

Lee, Yoon G. (Dept. of Family, Consumer & Human Development, Utah State University)
Steele, Bonny Lewellyn (Dept. of Family, Consumer & Human Development, Utah State University)
Publication Information
International Journal of Human Ecology / v.8, no.2, 2007 , pp. 17-28 More about this Journal
Abstract
Using data from the 2001 American Housing Survey, the purpose of this study is to profile the economic and socio-demographic characteristics of baby boomers according to housing down payment sources and to identify determinants of housing down payment sources among baby boomers. Results of the multinomial logistic regression analysis indicated that household income, housing value, age, education, gender, marital status, race, and geographic region were all significant determinants of housing down payment sources among baby boomers. Identification of factors affecting the occurrence of borrowing for housing down payment would aid in the development of financial education programs for baby boomer households.
Keywords
baby boomer; financial education; housing down payments; saving behavior;
Citations & Related Records
연도 인용수 순위
  • Reference
1 Chen, A. & Jensen, H. (1985). Home Equity Use and the Life Cycle Hypothesis. The Journal of Consumer Affairs, 19(1), 37-56   DOI
2 Gist, J. R., Wu, K. B., & Ford, C. (1999). Do baby boomers save and, if so, what for? (Public Policy Institute, AARP Report #9906) Retrieved October 7, 2006, from http://research.aarp.org/ econ/9906 _do_boomers_1.html
3 Mayer, C. J. & Enelhardt, G. V. (1996). Gifts, Down Payments, and Housing Affordability. Journal of Housing Research, 7(1), 59-77
4 United States Bureau of the Census (2005). Available: http://www.census.gov/hhes/www/housing/hvs/q402tab5.html
5 DeVaney, S. A. (1995). Retirement Preparation of older and Younger Baby Boomers. Financial Counseling and Planning, 6, 25-33
6 United States Bureau of Economic Analysis. Personal Savings Rate. Retrieved October 9, 2006, from: http://www.bea.govibriefrm/saving.htm
7 Munnell, A. H. (2004a). Population Aging: Its not just the Baby Boom. Center for Retirement Research at Boston College. Just the facts 10, 1-7
8 The State of the Nation's Housing. (2002). Retrieved September 9, 2006, from: http://www.jchs. harvard. edu/publications/markets/Son2002.pdf
9 U.S. Social Security Administration (2003). The 2002 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds. Washington, D.C.: U.S. Government Printing Office. [Available at:http://www.ssa.gov/ OACT/TR/TR03/tr03.pdf]
10 Baek, E. & DeVaney, S. A. (2004). Assessing the Baby Boomers' Financial Wellness Using Financial Ratios and a Subjective Measure. Family and Consumer Sciences Research Journal, 32(4), 321-348   DOI   ScienceOn
11 Walker, D. M. (2002) Long-Term Care, Aging Baby Boom Generation will Increase Demand and Burden on Federal and State Budgets. United States General Accounting Office, Testimony, March 21
12 Chang, R. (1994). Saving Behavior of U.S. Households in the 1980s: Results from the 1983 and 1986 Survey of Consumer Finance. Financial Counseling and Planning, 5, 45-64
13 Bernanke, B.S. (2007) The Subprime Mortgage Market. Speech at the Federal Reserve Bank of Chicago's 43rd Annual Conference on Bank Structure and Competition, Chicago, Illinois. Retrieved from: https://www.federalreserve.gov/newsevents/speech/bemanke20070517a.htm
14 Engelhardt, G. V. (1994). House Prices and the Decision to Save for Down Payments. Journal of Urban Economics, 36, 209-237   DOI   ScienceOn
15 Ando, A. & Modigliani, F. (1963). Lifecycle Hypothesis of Savings: Aggregate Implications and Tests. American Economic Review, 53
16 Department of Housing and Urban Development. Affordable Housing, Who Needs Affordable Housing? Retrieved October 6, 2004, from http://www.hud.gov/ offices/cpc/affordablehousing/index.cfm