Journal of Korea Planning Association (국토계획)

Korea Planning Association (대한국토도시계획학회)
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External Effects of Public Housing on Neighborhood Housing Prices in Seoul - An Application of Multi-level Hedonic Price Model with Social MixTypes Included

서울시 50년 공공임대주택이 주변 주택가격에 미치는 영향 - 임대주택의 혼합유형을 포함한 다수준 특성가격모형의 적용-

Kim, Joo-Jin;Choi, Mack-Joong
김주진;최막중

  • Published : 20090200
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Abstract

This paper empirically analyzes the external effects of public rental housing on neighborhood housing prices in Seoul, employing a multi-level hedonic price model with social mix types included. Social mix types are classified depending upon whether public housing and market housing are located within the same building, within the same estate, or separated by a road. Multi-level model aims at reflecting hierarchical and clustered data structure attributed to the fact that a single public housing affects multiple neighborhood housing. Individual characteristics of neighborhood housing constitute level 1 determinants while social mix type and region-specific locational characteristics of public housing are dealt with at level 2. Estimation results show that neighborhood housing prices tend to decrease as the number of public housing units increases or/and public housing is located at closer location. However the mass and distance effects are significant only at 90% significance level. Difference in social mix type does not significantly affect neighborhood housing prices. Based upon the findings, the paper concludes that negative external effects of public housing on neighborhood housing prices are not a common phenomenon at least. Nevertheless a further investigation is required in order to take into consideration of differences in socioeconomic characteristics among public housing and neighborhood housing occupiers.

Keywords

References

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