Housing Wealth, Property Taxes, and Labor Supply among the Elderly

Lingxiao Zhao and Gregory Burge

Journal of Labor Economics, 2017, vol. 35, issue 1, 227 - 263

Abstract: We investigate the relationship between housing wealth, property taxes, and elderly labor supply using longitudinal data from the Health and Retirement Survey spanning the recent boom/bust housing cycle. When combined with MSA-specific house price indexes, the data provide plausibly exogenous variation in housing wealth, identified through within-MSA renter/homeowner comparisons. Our findings suggest that elderly households respond to variation in housing wealth and property taxes in the predicted opposing directions, that wealth influences labor supply to a lesser extent than factors like health and marital status, and that the effect of housing wealth on labor supply varies by gender and age.

Date: 2017
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