Housing Tenure and Generational Equity

Abstract

ABSTRACT Home ownership is one of the principal ways of redistributing income over the life cycle. Older people who have bought homes during their working years have a substantial asset which cushions the financial shock of reduced income in old age. But those who have never been able to buy can be hard pressed as housing costs continue at high levels. This article examines the financial impacts of home ownership on inter- and intra-generational equity in Australia, Britain and the United States. It begins by showing how access to home-ownership has been influenced by the opportunities available to different social classes in different periods of history. After identifying the financial situation of older owners and tenants, the discussion considers how public policies toward housing tenure further reduce age-related inequalities yet increase them within the aged. The transfer of housing resources from older to younger generations is shown to perpetuate inequalities between generations and lineages. The paper concludes by exploring the policy implications of the increasing diversity in the resources of older people, and their improved economic circumstances relative to younger generations over the decades ahead.

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