Jun-Hyung Kim and JaeSup Shin (2016-02), "Homeowenership in a declining housing market - The consumption demand versus the investment demand," Journal of the Korean Planners Association, 51(1): 153-167. (in Korean)
김준형·신재섭 (2016), “주택가격 하락 시기의 자가소유 – 소비수요와 투자수요의 구분을 중심으로“, 「국토계획」, 51(1): 153-167.
Abstract
Recent housing market depression has resulted in the concerns about future demand of homeownership. Due to the expectation of less capital gain, households may prefer renting to owning. However, there are still various reasons to choose homeownership such as longer-term stay, no rent burden, control over residential environments and favorable government tax system. Based on the descriptive and logistic regression analyses using micro-data of 2010 and 2014 Korean Housing Survey, this paper reports that 88~95% of homeownership demand results from the consumption demand. This implies that recent market depression may not discourage homeownership demand significantly. This paper also reveals the determinants of classification into consumption demand and investment demand―householder’s age, education, job, household size, income, asset, and area of residence.
Keywords
Homeownership, Tenure Choice, Housing Purchase, Investment Demand, Consumption Demand, Declining Housing Market
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