주택자금 대출규제가 주택구입능력에 미치는 영향: 서울시 아파트를 중심으로
The Effect of Borrowing Constraints on Home-Ownership Affordability: The Case of Apartment Houses, Seoul
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Recently, the housing affordability issue has received an enormous amount of attention in Korea as housing prices skyrocket in the Seoul Metropolitan Area while the borrowing constraints to households are tightened via more strict mortgage underwriting and increasing interest rates. This paper analyzes the effect of borrowing constraints on home-ownership affordability in Seoul where the increase of housing prices is highest in the nation. This paper simulates hypothetical changes in borrowing constraints in which two sets of loan condition exert: one is the newly introduced debt-to-income ratio(DTI) in loan qualification in addition to loan-to-value ratio(LTV), the other is the increase of loan interest rates. This paper improves existing home-ownership affordability measures such as housing price-income ratio(PIR) by considering household liquid assets as well as income. According to the analysis, though the DTI may reduce the maximum amount of loan, it does not play a significant barrier to home-ownership down to 30% if households do not borrow excessive money beyond their disposable income after usual household expenditures for living since the toughest DTI is 40% currently. The result indicates that the DTI may have an effect to discourage the excessive dependence on borrowing to purchase home. The result finds that the increase of loan interest rates affects lowering home-ownership affordability. Yet the impact may not be of disastrous up to approximately 8% otherwise in the case that households borrow excessive money beyond their disposable income. Also, the increase of interest rates tends to affect affordability more on low-to-moderate-income classes than on high-income classes.
Abstract
Recently, the housing affordability issue has received an enormous amount of attention in Korea as housing prices skyrocket in the Seoul Metropolitan Area while the borrowing constraints to households are tightened via more strict mortgage underwriting and increasing interest rates. This paper analyzes the effect of borrowing constraints on home-ownership affordability in Seoul where the increase of housing prices is highest in the nation. This paper simulates hypothetical changes in borrowing constraints in which two sets of loan condition exert: one is the newly introduced debt-to-income ratio(DTI) in loan qualification in addition to loan-to-value ratio(LTV), the other is the increase of loan interest rates. This paper improves existing home-ownership affordability measures such as housing price-income ratio(PIR) by considering household liquid assets as well as income. According to the analysis, though the DTI may reduce the maximum amount of loan, it does not play a significant barrier to home-ownership down to 30% if households do not borrow excessive money beyond their disposable income after usual household expenditures for living since the toughest DTI is 40% currently. The result indicates that the DTI may have an effect to discourage the excessive dependence on borrowing to purchase home. The result finds that the increase of loan interest rates affects lowering home-ownership affordability. Yet the impact may not be of disastrous up to approximately 8% otherwise in the case that households borrow excessive money beyond their disposable income. Also, the increase of interest rates tends to affect affordability more on low-to-moderate-income classes than on high-income classes.
참고문헌 (15)
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