The Roles of Relationship With Family and Life Values in the Housing Choices of Elderly Koreans

Abstract

Housing choice is a significant factor in forecasting the housing market. In an aging population in which the wealth of the elderly is found mostly in housing equity, the housing choices of the elderly are an increasingly important yet underrepresented research theme. In addition to lower income and greater leisure time, the change of family relationships of the elderly are likely to result in significantly different housing choices from those made by younger groups. This article investigates the roles of family relationships and life values in the housing choices (tenure and location) of elderly Koreans. Subjective life satisfaction and propensity for expenditure were found to be significant determinants in the choice of housing tenure, whereas the choice of location is influenced by circumstances, especially their relationship with their children. These findings provide new insight into the Asian housing market, in which the elderly of traditional large families have a children-oriented mindset and maintain a geographic proximity with their children despite a growing trend toward family nuclearization.