Journal of Korea Planning Association (국토계획)

Korea Planning Association (대한국토도시계획학회)
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The Effects of Regional Housing Prices on Changes in Tenure and Residential Location of Tenants in Korea

지역주택가격이 임차가구의 점유형태와 주거입지 이동에 미치는 영향

Kim, Jun-Hyung;Choi, Mack-Joong
김준형;최막중

  • Published : 20090400
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Abstract

This paper empirically examines the effects of regional housing prices on changes in both tenure and residential location of tenants in Korea, based upon 1999-2005 household panel data and a series of multi-level binary and multinomial logit models. Each of tenure and location choice models shows that high regional housing prices lower the probability of tenure shift to owners in the region but, at the same time, facilitate tenants' move to other regions respectively. Furthermore joint analysis of tenure and location choices demonstrates that tenants seek home ownership through interregional migration in response to high regional housing prices: The lower the regional housing prices of the destination regions are as compared to those of the origin regions, the higher the probability of housing purchase is especially for the relocated tenants of relatively high income. Based upon the findings, the paper recommends a policy mix which focuses not only on stabilization of regional housing prices per se but also on development of alternative residential locations as well as provision of affordable rental housing.

Keywords

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