Does housing wealth inequality affect young adults' happiness and expectations of social mobility? evidence from Seoul, South Korea

초록

The rising disparity in housing wealth has become a critical issue, particularly affecting young adults' expectations of social mobility and overall happiness. This study investigates the impact of housing wealth inequality on expectations of social mobility and happiness of young adults in Seoul, South Korea, using Seoul Survey Data from 2011 to 2019 and housing transaction data. We apply a simultaneous equations model to capture the mutual relationships between happiness, social mobility, and wealth inequality, using the Gini index to measure housing inequality at the district level. Our results indicate that greater housing wealth inequality is associated with diminished expectations of upward mobility. In addition, the relationship between wealth inequality, social mobility and happiness varies by income level and housing ownership. These findings emphasize the need for urban policies that promote affordable housing and foster opportunities for homeownership.

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