Abstract
This study examines the economic and welfare impacts of China’s aging population and the improvement of older urban housing. Using a sample of older neighborhoods in Beijing, we find that elevator renovation is significantly positively related to second-hand housing transaction volume and price growth. These results suggest that elevator installation improves residential satisfaction and stimulates the secondary housing market. Regression analysis showed that urban infrastructure improvements, income growth, and urbanization had a positive effect on increasing second-home transactions, while China’s aging population and rising home prices had a negative effect. In particular, in the eastern part of Beijing, elevator renovations were found to further boost second-home transactions. These findings provide empirical evidence of the economic and welfare impacts of China’s aging population and the improvement of urban old housing, suggesting the need for continued policy optimization and support.
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