소유비용과 기대이익이 주택시장에 미치는 영향:소유 및 임차 선택
A Study on Impacts of Cost & Expected Return on House Market :Housing Tenure Choice
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This paper empirically investigates the relationship between ownership cost and rent cost andthe relationship between purchase price and Charter(Jeonse) price based on the TVM(Time Valueof Money), in condominium market in Seoul, Korea. First, I analyze the cost difference in ownership and Charter using the TVM based model. Theresult shows that the Charter costs up to 54-94% of ownership cost. This implies that Jeonse alsoincurs considerable costs compared to the ownership. Second, I conduct the co-integration analysis between cost difference and expected income ofpurchase and Charter. The results detect a significant difference both in cost difference andexpected return in the long-term equilibrium. In the short-term, cost difference is significant. Also,Charter shows a higher explanatory power (68%) compared to that of purchase (45%) in costdifference and expected return. Third, in a separate analysis, expected return shows significance in the long-term equilibriumand cost difference shows significance in the short-term equilibrium.
Abstract
This paper empirically investigates the relationship between ownership cost and rent cost andthe relationship between purchase price and Charter(Jeonse) price based on the TVM(Time Valueof Money), in condominium market in Seoul, Korea. First, I analyze the cost difference in ownership and Charter using the TVM based model. Theresult shows that the Charter costs up to 54-94% of ownership cost. This implies that Jeonse alsoincurs considerable costs compared to the ownership. Second, I conduct the co-integration analysis between cost difference and expected income ofpurchase and Charter. The results detect a significant difference both in cost difference andexpected return in the long-term equilibrium. In the short-term, cost difference is significant. Also,Charter shows a higher explanatory power (68%) compared to that of purchase (45%) in costdifference and expected return. Third, in a separate analysis, expected return shows significance in the long-term equilibriumand cost difference shows significance in the short-term equilibrium.
참고문헌 (13)
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