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Fall in the Value of Home and Mental Health of Elderly Home Owners: Is There a Connection ?
Short Abstract
This poster examines the association between unexpected drop in the value of home and its effect on the mental health of pre-retiree homeowners. We use the 2006-2010 waves of the Health and Retirement Study to explore this association. Preliminary results indicate that between 2006 and 2010 approximately a third of the elderly pre-retirees who reported a drop of 10% or more in the value of their primary residence also reported deterioration in their health status. Additionally about a half of the respondents who reported a drop of 10% or more in the value of their home, also reported worse score on the CESD depression scale. We will be using a panel of the 2006, 2008, and 2010 waves of the Health and Retirement Study dataset to explore this association.