Analysis and implications of housing downsizing intentions of the middle and elderly
Kyung-Jin Choi1 · Heuiju Chun2
1School of Business Administration, Gyeongsang National University
2Department of Statistics & Information, Dongduk Women’s University
2Department of Statistics & Information, Dongduk Women’s University
Correspondence to: 1 Associate professor, School of Business Administration, Gyeongsang National University, Jinju 52828, Korea.
2 Associate professor, Department of Statistics & Information Science, Dongduk Women’s University, Seoul 02748, Korea. E-mail: hjchun@dongduk.ac.kr
2 Associate professor, Department of Statistics & Information Science, Dongduk Women’s University, Seoul 02748, Korea. E-mail: hjchun@dongduk.ac.kr
Received April 17, 2024; Revised June 17, 2024; Accepted June 20, 2024.
This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
- Abstract
- In Korea, older people have a high proportion of home-ownership but insufficient retirement income, and the proportion of single-person or couple households is very high. Housing downsizing is a way to secure retirement income and solve the problem of over-consumption of housing. Accordingly, this study analyzed the factors affecting middle-aged and older adults’s intention to downsize their homes. Our analysis showed that middle-aged and elderly people consider downsizing to secure funds for retirement, alleviate the burden of maintaining and managing their homes due to emotional and physical decline, and for inheritance purposes. To promote housing downsizing in the future, it is necessary to expand and diversify the contribution limits for pension accounts from downsizing proceeds and to provide various policy supports to reduce downsizing transaction costs.
- Keywords : Downsizing, housing asset, middle-aged people, pension account
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