The Longevity Benefits of Homeownership: Evidence From Early Twentieth-Century U.S. Male Birth Cohorts

Abstract

Owning a home has long been touted as a key component of the idealized "American Dream." Homeownership is associated with greater wealth and better health, but the causal impact of homeownership on health remains unclear. Using linked complete-count census and Social Security mortality records, I document Black-White disparities in homeownership rates and produce the first U.S.-based estimates of the association between homeownership in early adulthood and longevity. I then use a sibling-based identification strategy to estimate the causal effect of homeownership on longevity for cohorts born in the first two decades of the twentieth century. The results indicate that homeownership has a significant positive impact on longevity, which I estimate at approximately 4 months.