Empirical Analysis on Influence of Education Performance on Housing Prices: A Case of Daegu
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Most studies that empirically test whether education performance actually correlates with housing market outcomes focus on Seoul Metropolitan Area, which necessitates a study that sheds light on other regions where education fever is equally high. Therefore, this paper deals with a non-capital region housing market, the Daegu Metropolitan City. To study the correlation appropriately, employed as empirical methodologies are the Box-Cox power transformation model and the panel regression model. For the empirical analyses, a couple of indicators of education performance as well as other six variables are tested based on alternative econometric models of the price of condominium apartments. In doing so, this study elaborates to reveal the difference in the urban spatial structure between Seoul and Daegu by comparing several factors with each other. According to the analyses results, the most decisive factor that determines the condominium prices in this city is education performance of high schools, the number of students admitted to Seoul National University. Meantime, this fact, incorporated with a study from the Korea Housing Institute, engenders concerns over the housing market of Daegu: the residential real estate in this city is already oversupplied; and the accumulation rate of vacancy stands at very high value; moreover, these problems will be hard to solve in a short period of time; synthesizing these results simply, inappropriate growth of the housing market, biased to a certain district, would be accelerated so that a more prudent policy considering the unique site-specific characteristics of this city should be served.
Abstract
Most studies that empirically test whether education performance actually correlates with housing market outcomes focus on Seoul Metropolitan Area, which necessitates a study that sheds light on other regions where education fever is equally high. Therefore, this paper deals with a non-capital region housing market, the Daegu Metropolitan City. To study the correlation appropriately, employed as empirical methodologies are the Box-Cox power transformation model and the panel regression model. For the empirical analyses, a couple of indicators of education performance as well as other six variables are tested based on alternative econometric models of the price of condominium apartments. In doing so, this study elaborates to reveal the difference in the urban spatial structure between Seoul and Daegu by comparing several factors with each other. According to the analyses results, the most decisive factor that determines the condominium prices in this city is education performance of high schools, the number of students admitted to Seoul National University. Meantime, this fact, incorporated with a study from the Korea Housing Institute, engenders concerns over the housing market of Daegu: the residential real estate in this city is already oversupplied; and the accumulation rate of vacancy stands at very high value; moreover, these problems will be hard to solve in a short period of time; synthesizing these results simply, inappropriate growth of the housing market, biased to a certain district, would be accelerated so that a more prudent policy considering the unique site-specific characteristics of this city should be served.
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