Reexamining Housing Inequality and Polarization with New Spatial Housing Index in Korea
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This paper has proposed spatial housing inequality indexes based on affordability inequality and wealth inequality; analyzed the factors of spatial housing inequality through a multiple discriminant analysis model; and suggested a spatial housing polarization index. The first finding is that housing affordability inequality is more serious than housing wealth inequality between regions. The total HWI is 0.20, but that total HAI is 0.38. The HAI is more serious than the HWI between regions. It is a value close to the inequality threshold reported by UN-HABITAT. The second is that the disparity between regions shows a completely different status in 15 metropolitan areas. Seoul is the largest region (23.8%), followed by Gyeonggi (14.0%), Incheon (12.4%), Gyeongnam (6.1%), and Busan (6.1%). Korea’s affordability inequality concentrated on the top three. The third is that the HWI is weighted relatively heavily by housing market conditions related with the supply and demand compared to economic conditions of regions, while the HAI is heavily weighted by rental price, rent-to-price rate, number of stocks, and inflation. The final finding is that the polarization in housing affordability indicates a more serious problem than that of housing wealth near to double, and the leading group of housing affordability polarization is the top-middle group, and that of housing wealth polarization is the middle-bottom group.
Abstract
This paper has proposed spatial housing inequality indexes based on affordability inequality and wealth inequality; analyzed the factors of spatial housing inequality through a multiple discriminant analysis model; and suggested a spatial housing polarization index. The first finding is that housing affordability inequality is more serious than housing wealth inequality between regions. The total HWI is 0.20, but that total HAI is 0.38. The HAI is more serious than the HWI between regions. It is a value close to the inequality threshold reported by UN-HABITAT. The second is that the disparity between regions shows a completely different status in 15 metropolitan areas. Seoul is the largest region (23.8%), followed by Gyeonggi (14.0%), Incheon (12.4%), Gyeongnam (6.1%), and Busan (6.1%). Korea’s affordability inequality concentrated on the top three. The third is that the HWI is weighted relatively heavily by housing market conditions related with the supply and demand compared to economic conditions of regions, while the HAI is heavily weighted by rental price, rent-to-price rate, number of stocks, and inflation. The final finding is that the polarization in housing affordability indicates a more serious problem than that of housing wealth near to double, and the leading group of housing affordability polarization is the top-middle group, and that of housing wealth polarization is the middle-bottom group.
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