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 childrenoriented mindset and maintain a geographic proximity with their children despite a growing trend toward family nuclearization.

Understanding the Intention and Behavior of Renting Houses among the Young Generation: Evidence from Jinan, China

“…In his study of the elderly population, Lim concluded that family relationships and values of life are crucial to their housing choices. The housing choices of the elderly involve being geographically closer to their children [42]. In recent years, some scholars have studied the willingness of rental property tenants to pay for energy efficiency improvements.…”

Exploring the Market Requirements for Smart and Traditional Ageing Housing Units: A Mixed Methods Approach

“…Intergenerational co-housing refers to the existence of younger citizens also living within that society [65]. Lim [66] suggested that the choice of location is affected by economic concerns. Nevertheless, as the generation gap is one of the significant problems, participants who live with their parents are more dissatisfied than those living in their own private or rented housing [67].…”