점유형태에 따른 가구의 주택자산효과 비교분석

초록

This study analyzed the housing wealth effect according to tenure type in terms of household expenditure using panel analysis. As a result, it was confirmed that various characteristics related to household, residential, economic, and asset and mortgage affect the household expenditure. In particular, household, residential, and economic characteristics were the main factors affecting the expenditure for homeowners, while only the household size, age, and income are significant for the renters. In the case of asset and mortgage characteristics, it was found that the housing price is an important factor for the homeowners in the wealth effect as well as that of jeonse deposit for the renters. In the case of financial assets, it was found that there is inelastic but has more meaningful wealth effect as compared with the housing price and deposit. Housing mortgage also tended to be similar to the financial assets, but in the case of homeowners, the wealth effect significantly lower as compared with the homeowners without any mortgage. On the other hand, in the case of renters, the wealth effect of households with higher mortgage is larger than the case with without mortgage. This shows that, like the results of the previous studies, the housing mortgage is recognized as an asset rather than debt. However, this study shows that wealth effect is significantly inelastic, so that the real estate stimulus policy may not be very effective. But, in terms of effectiveness, it is confirmed that the wealth effect of homeowners is higher than the renters, and also the wealth effect through housing assets is higher than financial asset or housing mortgage.

키워드