The spillover effect of senior neighbors on housing prices: Evidence from Beijing, China

Xiaoping Zhou, Tong Lei, Yuyao Wang, Tianzheng Zhang, Yingjie Zhang, Yan Song and Yingxiang Zeng

Growth and Change, 2022, vol. 53, issue 4, 1783-1812

Abstract: The spillover effect of seniors on housing prices has become a hot issue. Previous studies focused on the macro impact of aging on housing prices, paying less attention to the characteristics of seniors in micro‐community. This study attempts to fill this gap by assessing the spillover effect of the number, education levels, and occupations of senior neighbors on housing prices. Based on seniors’ characteristics in 3,565 neighborhood committees within the Sixth Ring Road in Beijing and 247,079 housing transactions from 2011 to 2019, this study utilized the hedonic price model and reached the following conclusions. (1) Housing prices decreased slightly with an increase in the total number of seniors in neighborhoods. (2) The spillover effects of some specific socioeconomic characteristics of seniors significantly improved housing prices. For every 10% increase in the proportion of well‐educated seniors or seniors who worked in government institutions, the housing price premium was 0.6% and 0.3%, respectively, with a comprehensive effect stronger than that of the total number of seniors. (3) The total number of seniors in neighborhoods had a nonlinear spillover effect on housing prices. (4) The characteristics of seniors have heterogeneous effects on housing prices based on location, housing price, and building age.

Date: 2022
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