TY  - UNPD
A1  - Sinai, Todd
A1  - Souleles, Nicholas
T1  - Net worth and housing equity in retirement
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2007,34
N2  - This paper documents the trends in the life-cycle profiles of net worth and housing equity between 1983 and 2004. The net worth of older households significantly increased during the housing boom of recent years. However, net worth grew by more than housing equity, in part because other assets also appreciated at the same time. Moreover, the younger elderly offset rising house prices by increasing their housing debt, and used some of the proceeds to invest in other assets. We also consider how much of their housing equity older households can actually tap, using reverse mortgages. This fraction is lower at younger ages, such that young retirees can consume less than half of their housing equity. These results imply that ‘consumable’ net worth is smaller than standard calculations of net worth. JEL Classification: G11, E21
T3  - CFS working paper series - 2007, 34 
KW  - Housing
KW  - Home Equity
KW  - Retirement
KW  - Net Worth
KW  - Ruhestand
KW  - Eigenheim
KW  - Eigenkapital
KW  - Geschichte 1983-2004
Y1  - 2007
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/303
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-52340
N1  - This paper was prepared for the Pension Research Council conference on April 23, 2007
IS  - August 7, 2007
ER  -