Economics of funerary homes (the US).

Accommodation after death is thus a necessity for many societies, and the decision to buy a funerary home should be a relevant issue in economics. About one third of Americans already own a property when still alive, while most of the rest rely on their relatives to provide it when the need arises. The market for cemetery property is an important one, with two and a half million funeral homes per year needed to accommodate the deceased. Yet, its economic implications have almost never been studied before.

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The prices of graves and of houses are positively correlated, and their services are complements in the households’ utility. On the other hand, there is evidence that funeral homes may be an inferior good, with higher personal income being associated with lower prices of funeral homes.

Source: (Canofari, Marini, & Scaramozzino, November 2012).