가구소득의 변동성이 주택점유형태 및 자가 주택수요에 미치는 영향 연구
Effects of Variability of Household Income on Housing Tenure Choice and Demand for Owner-Occupied Housing
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Abstract
This study analyzes the effects of household income variability on housing tenure choice and housing demand decisions. Using Korean Labor Panel Study data from 2008 to 2012, a measure for variability of household total income was estimated. Housing tenure choice and owners’ housing demand decisions in 2012 were estimated following a two-step method. To examine the pure effect of income variability, borrowing constraints and risk preference are explicitly incorporated into the estimation models. The empirical results show that, as the variability of a household’s total income increases, the probability of selecting homeownership decreases as does the demanded quantity of owner-occupied housing even controlling for borrowing constraints and risk preference factors. A 10% increase in the variability of a household’s total income leads to a decrease in homeownership that is equivalent to that of a 2.8% increase in the relative cost of housing. A 10% increase in the variability of a household’s total income decreases the demanded quantity of owner-occupied housing that is equivalent to that of a 2.9% increase in the cost of home ownership. Another finding is that income variability negatively affects the probability of homeownership as well as the demanded quantity of owner-occupied housing particularly for households with limited income even if they do not face borrowing constraints. In conclusion, income variability is highly likely to be associated with non-regular work positions, youth unemployment, and early retirement and elderly households, which are current trends in labor markets in Korea.
참고문헌 (16)
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