The Value of Home to Older Persons

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Abstract
Previous research reveals that elderly individuals report high levels of satisfaction with their homes, yet this satisfaction has not been shown to be strongly related to personal, demographic factors or to the physical properties of the housing itself. In a prior study, a factor analysis of homeowners' attitudes revealed four subjective-value factors: (1) competence in a familiar environment, (2) traditional family orientation and memories, (3) the status value of homeownership, and (4) a cost "versus" comfort tradeoff factor. The purpose of the present study was to investigate whether these factors would contribute to a better understanding of older persons' high levels of housing satisfaction. Homeowners (N = 320), over the age of 60, completed an inventory that assessed personal, demographic, and housing characteristics, and a scale that measured the subjective value of the home. Multiple regression analysis indicated that the subjective-value factors made a significant increment in the variance accounted for in housing satisfaction, over and above other types of variables. The importance of subjective-value factors in public policy decisions related to housing for the elderly and for more effective relocation counseling are discussed.

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