Retirement, Unretirement, and Housing Wealth during the Great Recession
This paper explores the effect of housing wealth shocks and changes in property tax liabilities on the timing of retirement and unretirement (retirement reversals). Using longitudinal data from the Health and Retirement Study that spans the recent boom/bust cycle in the housing market, we exploit re...
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| Veröffentlicht in: | The journal of real estate finance and economics 2021-04, Vol.62 (3), p.342-369 |
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| container_title | The journal of real estate finance and economics |
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| creator | Zhao, Lingxiao Burge, Gregory |
| description | This paper explores the effect of housing wealth shocks and changes in property tax liabilities on the timing of retirement and unretirement (retirement reversals). Using longitudinal data from the Health and Retirement Study that spans the recent boom/bust cycle in the housing market, we exploit regional variation in the amplitude of housing price movements to identify the causal effect of unexpected housing wealth shocks, mitigating endogeneity concerns. We consistently find workers delay (hasten) retirement when they experience unexpected losses (gains) in housing wealth or have increased (decreased) property tax burdens. Extensions show these factors influence retirement reversals in the expected opposite directions. Importantly, we verify these effects remain even after controlling for early retirement expectations, providing additional evidence that the wealth shocks of the recent housing market cycle were unanticipated. Finally, we explore the nuanced role of gender and marital status in this context. |
| doi_str_mv | 10.1007/s11146-020-09753-w |
| format | Article |
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Burge, Gregory</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c409t-d3f0481751cf8cabb3521974372f46a71ea32b1b93d040d6cd121d7b07457fdd3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2021</creationdate><topic>Early retirement</topic><topic>Economics</topic><topic>Economics and Finance</topic><topic>Financial Services</topic><topic>Great Recession</topic><topic>Housing</topic><topic>Housing market</topic><topic>Marital status</topic><topic>Property taxes</topic><topic>Regional/Spatial Science</topic><topic>Retirement</topic><topic>Socioeconomic factors</topic><topic>Taxation</topic><topic>Wealth</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Zhao, Lingxiao</creatorcontrib><creatorcontrib>Burge, Gregory</creatorcontrib><collection>ECONIS</collection><collection>CrossRef</collection><collection>ProQuest Central (Corporate)</collection><collection>ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Global (Alumni Edition)</collection><collection>Banking Information Database (Alumni Edition)</collection><collection>ProQuest Pharma Collection</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>ProQuest Central (Alumni Edition)</collection><collection>ProQuest Central UK/Ireland</collection><collection>Accounting, Tax & Banking Collection</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>International Bibliography of the Social Sciences</collection><collection>Accounting, Tax & Banking Collection (Alumni)</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>International Bibliography of the Social Sciences</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Global</collection><collection>Banking Information Database</collection><collection>ProQuest One Business</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central China</collection><collection>ProQuest Central Basic</collection><jtitle>The journal of real estate finance and economics</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Zhao, Lingxiao</au><au>Burge, Gregory</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Retirement, Unretirement, and Housing Wealth during the Great Recession</atitle><jtitle>The journal of real estate finance and economics</jtitle><stitle>J Real Estate Finan Econ</stitle><date>2021-04-01</date><risdate>2021</risdate><volume>62</volume><issue>3</issue><spage>342</spage><epage>369</epage><pages>342-369</pages><issn>0895-5638</issn><eissn>1573-045X</eissn><abstract>This paper explores the effect of housing wealth shocks and changes in property tax liabilities on the timing of retirement and unretirement (retirement reversals). 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| source | Business Source Complete; Springer Nature - Complete Springer Journals |
| subjects | Early retirement Economics Economics and Finance Financial Services Great Recession Housing Housing market Marital status Property taxes Regional/Spatial Science Retirement Socioeconomic factors Taxation Wealth |
| title | Retirement, Unretirement, and Housing Wealth during the Great Recession |
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