Working paper
Description

It is often claimed that the elderly live in inappropriate housing. Indeed the claim is that many would like to live elsewhere and would, were it not for the large transaction costs associated with moving. These costs are understood to include not only direct monetary costs, but also the psychic costs inherent in changing neighborhoods, losing contact with longtime friends, and the like. This has been the rationale for the belief that reverse mortgage schemes would be of benefit to the elderly were the market for them easily accessible. This paper is the first stage of research directed ultimately to the analysis of the transaction costs associated with moving for the elderly. It concentrates on the empirical description of the relationship between moving and housing expenditures of the elderly  

Publication Details
DOI:

10.3386/w2324

Issue:
NBER Working Paper no. 2324