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Mental and general health at the edges of owner occupation.
- Source :
- International Journal of Housing Markets & Analysis; 2024, Vol. 17 Issue 4, p978-999, 22p
- Publication Year :
- 2024
-
Abstract
- Purpose: The purpose of this paper is to consider one test of a well-functioning housing system – its impact on wellbeing. Exploring one indicator of this, this study aims to track changes in mental and general health across a mix of tenure transitions and financial transactions in three jurisdictions: Australia, the UK and the USA. Design/methodology/approach: Using matched variables from three national panel surveys (Household, Income and Labour Dynamics in Australia, British Household Panel Survey/Understanding Society and Panel Study of Income Dynamics) over 17 years (2000–2017) to capture the sweep of the most recent housing cycle, this study adopts a difference-in-difference random-effects model specification to estimate the mental and general health effects of tenure change and borrowing behaviours. Findings: There is an enduring health premium associated with unmortgaged owner-occupation. Mortgage debt detracts from this, as does the prospect of dropping out of ownership and into renting. A previously observed post-exit recovery in mental health – a debt-relief effect – is not present in the longer run. In fact, in some circumstances, both mental and general health deficits are amplified, even among those who eventually regain homeownership. Though there are cross-country differences, the similarities across these financialised housing systems are more striking. Practical implications: The well-being premium traditionally associated with owner occupation is under threat at the edges of the sector in all three jurisdictions. In this, there is cross-national convergence. There may therefore be scope to introduce policies to better support households at the edges of ownership that work across the board for debt-funded ownership-centred housing systems. Originality/value: This paper extends the duration of a previous analysis of the impact of tenure transitions and financial transactions on well-being at the edges of ownership in the UK and Australia. The authors now track households over nearly two decades from the start of the millennium into a lengthy (post-global financial crisis) era of declining housing affordability. This study adds to the reach of the earlier study by adding a general health variable and a third jurisdiction, the USA. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 17538270
- Volume :
- 17
- Issue :
- 4
- Database :
- Complementary Index
- Journal :
- International Journal of Housing Markets & Analysis
- Publication Type :
- Academic Journal
- Accession number :
- 177945615
- Full Text :
- https://doi.org/10.1108/IJHMA-12-2022-0180