Tag: homeownership
Abstract 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 t…
The brief’s key findings are: More than 1 in 5 households aged 60-69 in 2007 had a mortgage and had sufficient assets to pay it off. Paying it off makes sense unless a household: can earn a risk-free return that exceeds its mortgage interest rate; or cannot satisfy its demand for risky assets without borrowing…
