HOME EQUITY IN RETIREMENT
研究发现退休房主比租房者更慢地减少储蓄，因为房主希望尽可能久地住在自己房子里，但难以用房屋净值借款；1996-2006年的房价上涨显著增加了房主的资产，不考虑住房所有权时退休人员净资产会降低28%-44%。
Abstract Retired homeowners dissave more slowly than renters, which suggests that homeownership affects retirees' saving decisions. We investigate empirically and theoretically the life‐cycle patterns of homeownership, housing, and nonhousing assets in retirement. Using an estimated structural model of saving and housing decisions, we find first that homeowners dissave slowly because they prefer to stay in their house as long as possible but cannot easily borrow against it. Second, the 1996–2006 housing boom significantly increased homeowners' assets. These channels are quantitatively significant; without considering homeownership, retirees' net worth would be 28%–44% lower, depending on age.