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Abstract
Preservation of the existing housing stock has become increasingly important in both national and local housing objectives. This article reports on a study of housing capital expenditures made by a sample of elderly homeowners in Tompkins County, New York. A two stage consumer decision model is used to examine the effects of demographic, income, home asset, and dwelling unit factors on the probability of an elderly household making a housing capital expenditure and, for those who made such expenitures, on the amount of housing capital expenditures. It is found that lump sum income and elderly households who rent out part of their home are positively related to the probability of making housing capital expenditures, while wage income, business income, and households with some college education are positively related to the amount of housing capital expenditures.
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Notes on contributors
Michael L. Walden
Michael Walden is an Associate Professor, Department of Economics and Business, North Carolina State University.
Carol B. Meeks
Carol B. Meeks is Leader, Housing Program Area, Economic Development Division, U.S. Department of Agriculture. The research was performed while Carol Meeks was Associate Professor at Cornell University.