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Age, Demographics, and the Demand for Housing, Revisited

2013 Annual Real Estate & Urban Research Symposium USC Lewis Hall 308 | September 27, 2013. Age, Demographics, and the Demand for Housing, Revisited. Richard Green | Hyojung Lee. Introduction :: Baby Boomers and Housing Market . population. 77 mil. 24.9%. household. 46 mil. 39.6%.

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Age, Demographics, and the Demand for Housing, Revisited

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  1. 2013 Annual Real Estate & Urban Research Symposium USC Lewis Hall 308 | September 27, 2013 Age, Demographics, and the Demand for Housing, Revisited Richard Green | Hyojung Lee
  2. Introduction:: Baby Boomers and Housing Market

    population

    77 mil. 24.9% household 46 mil. 39.6% : Baby Boomers people who were born during the temporary peak in the birth-rate between the years 1946 and 1964 (U.S. Census Bureau, 2010) - age 46 to 64 years old in 2010 labor force 60 mil.38.2% Source: U.S. Census Bureau, Census 2000 and 2010 Census. Source: Census 2010 SF-1 H17, PCT12
  3. Mind the gap

    Literature Review:: Demographics and Housing Demand

  4. Results:: The Real Marginal Contributions, qi Table 2. The Real Marginal Contributions qi from 2006 to 2010 tenure bedrooms mobile home other rooms
  5. Results:: 2SLS Regression Table 3. Selected regression results (age group)
  6. Results:: 2SLS Regression Table 3. Selected regression results (age group)
  7. Results:: 2SLS Regression Table 3. Selected regression results (age group)
  8. Results:: 2SLS Regression Table 3. Selected regression results (age group)
  9. Results:: 2SLS Regression Table 3. Selected regression results (age group)
  10. Results:: 2SLS Regression Table 3. Selected regression results (age group)
  11. Results:: 2SLS Regression Table 3. Selected regression results (marital status, race/ethnicity)
  12. Results:: 2SLS Regression Table 3. Selected regression results (marital status, race/ethnicity)
  13. Results:: 2SLS Regression Table 3. Selected regression results (gender, educational attainment)
  14. Results:: 2SLS Regression Table 3. Selected regression results (gender, educational attainment)
  15. Results:: 2SLS Regression Table 3. Selected regression results (non-housing income, age income interaction terms)
  16. Results:: 2SLS Regression Table 3. Selected regression results (non-housing income, age income interaction terms)
  17. Results:: 2SLS Regression Table 3. Selected regression results (non-housing income, age income interaction terms)
  18. Results:: 2SLS Regression Table 3. Selected regression results (non-housing income, age income interaction terms)
  19. Results:: Total and Partial Age Derivatives Figure 1. Two measures of the real house prices
  20. Results:: Total and Partial Age Derivatives Figure 1. Two measures of the real house prices
  21. Results:: Total and Partial Age Derivatives Figure 2. WTP for a constant-quality house, 2006 to 2010 (Total age derivative)
  22. Results:: Total and Partial Age Derivatives Figure 3. WTP for a constant-quality house, 2006 to 2010 (Partial age derivative)
  23. Results:: Total and Partial Age Derivatives Figure 5. Percentage change in WTP between 2008 and 2010
  24. Results:: Total and Partial Age Derivatives Figure 6. WTP for a constant-quality house by socio-demographic characteristics
  25. Results:: Future Projected Demands Table 4. Projected change in the demand for housing
  26. Conclusion:: Summary and Policy Implications Changes in the implicit prices of housing attributes during boom and bust - The implicit prices of the housing characteristics changed dramatically after the crash, reflecting their different types of goods and external economic situation - bedrooms vs. other rooms, tenure, and mobile home tenure mobile home bedrooms other rooms
  27. Conclusion:: Summary and Policy Implications Changes in the implicit prices of housing attributes during boom and bust - The implicit prices of the housing characteristics changed dramatically after the crash, reflecting their different types of goods and external economic situation - bedrooms vs. other rooms, tenure, and mobile home Age-specific Housing Demand - Holding other variables constant, the demand for housing gradually increases until 60, and then remains flat until 85 years old - The differences between total and partial derivatives are not as significantly different as Green and Hendershott (1996)
  28. Conclusion:: Summary and Policy Implications Changes in the implicit prices of housing attributes during boom and bust - The implicit prices of the housing characteristics changed dramatically after the crash, reflecting their different types of goods and external economic situation - bedrooms vs. other rooms, tenure, and mobile home Age-specific Housing Demand - Holding other variables constant, the demand for housing gradually increases until 60, and then remains flat until 85 years old - The differences between total and partial derivatives are not as significantly different as Green and Hendershott (1996) Projected Future Housing Demand - Demographic changes might not reduce the housing demand in the near future - Favorable changes in socio-demographic contexts to increases in the housing demand (age structure, race/ethnicity, marital status, educational attainment)
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