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This study analyzes the determinants of housing tenure choices and housing demand among elderly households in Korea using data from the Korea Labor and Income Panel Study. The Heckman selection model is employed to address sample selection bias and to simultaneously account for both housing tenure choice and housing demand. The results show that housing tenure choices and housing demand differ across various age groups of elderly households and are influenced by multiple factors, such as income, assets, housing costs, gender, household size, and location. In particular, elderly households tend to maintain homeownership despite a decline in income after retirement, and they tend to downsize their housing due to the burden of housing costs. The findings of this study suggest the need for tailored housing policies that take into account the diverse characteristics of elderly households in an aging society.
Hwang et al. (Mon,) studied this question.