14th journées Louis-André Gérard-Varet

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House prices and health in Europe
Isabelle Chort, Bénédicte Apouey

Last modified: 2015-05-11


This study exploits recent variations in regional house prices across Europe to
shed light on the impact of wealth shocks of health. We are able to distinguish between
objective and subjective/perceived house price shocks. We assess the effect of
these shocks on a number of health outcomes, including general, mental, and physical
health, as well as health-related behaviours. Using individual-level data from
the Survey of Health, Ageing and Retirement merged with objective regional-level
house prices for five European countries, we find a positive relationship between
objective house prices and mental health on the one hand, and subjective prices
and physical health on the other hand. In contrast, we find that objective house
prices are neither correlated with general health nor with physical health or health related
behaviours. Interestingly, subjective house prices do not have any impact
on mental well-being either.


Health; Wealth; House price index; Europe