Pub Date : 2021-08-30DOI: 10.24957/hsr.2021.29.3.135
Bo-Yeong Im, Jun-hyung Kim
{"title":"Mankiw-Weil Model, Housing Demand and Average Housing Size","authors":"Bo-Yeong Im, Jun-hyung Kim","doi":"10.24957/hsr.2021.29.3.135","DOIUrl":"https://doi.org/10.24957/hsr.2021.29.3.135","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"16 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132285593","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-02-28DOI: 10.24957/HSR.2021.29.1.33
Hanming Gu, Kabsung . Kim
This study sought to address the limitations of prior studies and provide insights regarding housing policy by examining the residential satisfaction formation process among public rental housing residents. It generated several important findings. First, it identified differences in residential satisfaction based on the type of rental housing (private vs. pubic); specifically, the residential satisfaction of public rental housing residents was higher than that of private rental housing residents. Second, the analysis showed that the positive effect on satisfaction with housing performance in public rental housing was formed through satisfaction with structural performance (+), environmental performance (+), and safety performance (+). Third, it showed that the positive effect on satisfaction with residential environment in public rental housing was formed through satisfaction with facility accessibility (+), transportation convenience (+), and environmental comfort (+). These findings suggest that public rental housing in South Korea, which previous studies have classified as a dualist rental market, provides residents with a relatively high level of quality satisfaction. These results can be understood as a representing an ongoing phenomenon, since the policy direction for public rental housing is gradually shifting from the existing residual approach to an institutional approach.
{"title":"An Empirical Analysis of the Residential Satisfaction Formation Process among Public Rental Housing Residents","authors":"Hanming Gu, Kabsung . Kim","doi":"10.24957/HSR.2021.29.1.33","DOIUrl":"https://doi.org/10.24957/HSR.2021.29.1.33","url":null,"abstract":"This study sought to address the limitations of prior studies and provide insights regarding housing policy by examining the residential satisfaction formation process among public rental housing residents. It generated several important findings. First, it identified differences in residential satisfaction based on the type of rental housing (private vs. pubic); specifically, the residential satisfaction of public rental housing residents was higher than that of private rental housing residents. Second, the analysis showed that the positive effect on satisfaction with housing performance in public rental housing was formed through satisfaction with structural performance (+), environmental performance (+), and safety performance (+). Third, it showed that the positive effect on satisfaction with residential environment in public rental housing was formed through satisfaction with facility accessibility (+), transportation convenience (+), and environmental comfort (+). These findings suggest that public rental housing in South Korea, which previous studies have classified as a dualist rental market, provides residents with a relatively high level of quality satisfaction. These results can be understood as a representing an ongoing phenomenon, since the policy direction for public rental housing is gradually shifting from the existing residual approach to an institutional approach.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131112021","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-02-28DOI: 10.24957/HSR.2021.29.1.79
Byeng Kuk Kim, Byungkwon Lim
Amid the ultra-low birth rate and rapid aging population, the role and importance of the JooTaekYeonKeum in driving the improvement of retirement income and housing stability using housing is growing, but there are a number of cases of re-subscription after termination, with limited definitiveness. Therefore, this study analyzed the impact on re-subscription after early termination of JooTaekYeonKeum, targeting 6,200 actual cases of JooTaekYeonKeum handled by 12 domestic financial institutions. In addition, a multilateral analysis was conducted by categorizing the location characteristics of the JooTaekYeonKeum collateral (metropolitan and non-metropolitan areas), institutional characteristics of re-subscription of JooTaekYeonKeum (whether re-subscription is restricted), and characteristics of the relative age group (low and high). The main analysis results show that in the case of the housing price change rate variable, it was an important factor that had a positive (+) effect on re-subscription despite the age and collateral location classification. According to the equity theory of termination, the cost of re-subscription was excessive when the LTV was high, and the utility was small, which had a negative (-) effect on re-subscription. Re-subscription measures introduced to prevent adverse selection and to improve soundness were found to have actual policy effects, but there were limitations in controlling fluctuations in age and housing prices. Based on the results of the analysis, policy implications were suggested that elaborate estimation of the rate of change in house prices, fair and equitable calculation of collateral value between regions, and reinforcement of marketability free from institutional hurdles were suggested in calculating JooTaekYeonKeum(reverse mortgage) accounting model.
{"title":"An Analysis of Determining Factors for Re-subscription after Early Termination of JooTaekYeonKeum","authors":"Byeng Kuk Kim, Byungkwon Lim","doi":"10.24957/HSR.2021.29.1.79","DOIUrl":"https://doi.org/10.24957/HSR.2021.29.1.79","url":null,"abstract":"Amid the ultra-low birth rate and rapid aging population, the role and importance of the JooTaekYeonKeum in driving the improvement of retirement income and housing stability using housing is growing, but there are a number of cases of re-subscription after termination, with limited definitiveness. Therefore, this study analyzed the impact on re-subscription after early termination of JooTaekYeonKeum, targeting 6,200 actual cases of JooTaekYeonKeum handled by 12 domestic financial institutions. In addition, a multilateral analysis was conducted by categorizing the location characteristics of the JooTaekYeonKeum collateral (metropolitan and non-metropolitan areas), institutional characteristics of re-subscription of JooTaekYeonKeum (whether re-subscription is restricted), and characteristics of the relative age group (low and high). The main analysis results show that in the case of the housing price change rate variable, it was an important factor that had a positive (+) effect on re-subscription despite the age and collateral location classification. According to the equity theory of termination, the cost of re-subscription was excessive when the LTV was high, and the utility was small, which had a negative (-) effect on re-subscription. Re-subscription measures introduced to prevent adverse selection and to improve soundness were found to have actual policy effects, but there were limitations in controlling fluctuations in age and housing prices. Based on the results of the analysis, policy implications were suggested that elaborate estimation of the rate of change in house prices, fair and equitable calculation of collateral value between regions, and reinforcement of marketability free from institutional hurdles were suggested in calculating JooTaekYeonKeum(reverse mortgage) accounting model.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131176008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-30DOI: 10.24957/hsr.2020.28.2.37
Hanming Gu, Kabsung . Kim
This study empirically analyzed accessibilities of multiple urban neighborhood parks and their interaction effect on apartment prices by using the Hedonic Price Model (HPM) and hierarchical multiple regression. The results are as follows. First, it was shown that the closer the urban neighborhood park was, the higher the apartment prices were. This was consistent with findings of previous researches. Second, there was a significant interaction effect between accessibilities of multiple urban neighborhood parks, and the interaction effect worked in a way that inhibited the main effect on apartment prices. In other words, the farther away from one park an apartment was, the lower the price was, but the farther away from another park, the smaller the decrease was. This suggests that the two parks function as substitute and complementary goods. Therefore, to maximize impact on the welfare of urban residents, it is desirable to set up multiple urban neighborhood parks at locations that are symmetrical in the urban structure, considering the interaction effect of accessibilities to the parks.
本文运用Hedonic Price Model (HPM)和层次多元回归方法，实证分析了城市多个社区公园的可达性及其对公寓价格的交互影响。结果如下:首先，城市社区公园越近，公寓价格越高。这与之前的研究结果一致。②多个城市社区公园可达性之间存在显著的交互效应，且交互效应对公寓价格的主效应有抑制作用;换句话说，一套公寓离一个公园越远，价格就越低，但离另一个公园越远，价格下降的幅度就越小。这表明两个公园具有替代和互补的作用。因此，为了最大限度地影响城市居民的福利，我们希望在城市结构中对称的位置设置多个城市邻里公园，同时考虑到公园可达性的相互作用。
{"title":"Influence of Accessibilities of Multiple Urban Neighborhood Parks and their Interaction Effect on Apartment Prices : Focusing on Dongtan 1 New Town","authors":"Hanming Gu, Kabsung . Kim","doi":"10.24957/hsr.2020.28.2.37","DOIUrl":"https://doi.org/10.24957/hsr.2020.28.2.37","url":null,"abstract":"This study empirically analyzed accessibilities of multiple urban neighborhood parks and their interaction effect on apartment prices by using the Hedonic Price Model (HPM) and hierarchical multiple regression. The results are as follows. First, it was shown that the closer the urban neighborhood park was, the higher the apartment prices were. This was consistent with findings of previous researches. Second, there was a significant interaction effect between accessibilities of multiple urban neighborhood parks, and the interaction effect worked in a way that inhibited the main effect on apartment prices. In other words, the farther away from one park an apartment was, the lower the price was, but the farther away from another park, the smaller the decrease was. This suggests that the two parks function as substitute and complementary goods. Therefore, to maximize impact on the welfare of urban residents, it is desirable to set up multiple urban neighborhood parks at locations that are symmetrical in the urban structure, considering the interaction effect of accessibilities to the parks.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"534 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127911461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-30DOI: 10.24957/hsr.2020.28.2.5
Jung-Hi Ko
{"title":"The Effect of the Human Capital Level in Seoul’s Public Rental Housing Households on the Quality of Employment","authors":"Jung-Hi Ko","doi":"10.24957/hsr.2020.28.2.5","DOIUrl":"https://doi.org/10.24957/hsr.2020.28.2.5","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"35 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116615135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-30DOI: 10.24957/hsr.2020.28.2.113
Mihwa Lim
In terms of housing selection, women prefer to live in a house that is comfortable, convenient, and safe from crimes despite their lower income compared to men. Considering this, the housing cost of single-woman households may be higher than that of single-man households. This study estimated and compared the user costs and rental fees as the self-resident cost, using the hedonic price model for housing in single-woman and single-man households. As a result, it was found that the user cost of single-woman households is approximately 20,000 won higher than that of single-man households while the user cost per area (m2) of single-woman households is approximately 3,000 won higher than that of single-man households. Based on the age and gender analysis of the user cost per area (m2), the housing cost ratio of single-woman households is higher than that of single-man households. In the case of rental fee per area (m2), the housing cost ratio of single-woman households is 1.0 or higher than that of single-man households in the 20s, 30s, and 40s age groups. In conclusion, the housing cost ratio of single-woman households is 1.0 or higher than that of single-man households in terms of user cost and rental fee. As a result, single-woman households pay a higher housing cost than single-man households, but this ratio decreases as the age increases.
{"title":"A Study on Gender Difference of Housing Costs: Focusing on Single-Person Household","authors":"Mihwa Lim","doi":"10.24957/hsr.2020.28.2.113","DOIUrl":"https://doi.org/10.24957/hsr.2020.28.2.113","url":null,"abstract":"In terms of housing selection, women prefer to live in a house that is comfortable, convenient, and safe from crimes despite their lower income compared to men. Considering this, the housing cost of single-woman households may be higher than that of single-man households. This study estimated and compared the user costs and rental fees as the self-resident cost, using the hedonic price model for housing in single-woman and single-man households. As a result, it was found that the user cost of single-woman households is approximately 20,000 won higher than that of single-man households while the user cost per area (m2) of single-woman households is approximately 3,000 won higher than that of single-man households. Based on the age and gender analysis of the user cost per area (m2), the housing cost ratio of single-woman households is higher than that of single-man households. In the case of rental fee per area (m2), the housing cost ratio of single-woman households is 1.0 or higher than that of single-man households in the 20s, 30s, and 40s age groups. In conclusion, the housing cost ratio of single-woman households is 1.0 or higher than that of single-man households in terms of user cost and rental fee. As a result, single-woman households pay a higher housing cost than single-man households, but this ratio decreases as the age increases.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124532908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-30DOI: 10.24957/hsr.2020.28.2.71
Ji-Hyun Kim, Kang Su-jin
{"title":"A Study on the Improvement of Performance Indicators for Happy Housing Project","authors":"Ji-Hyun Kim, Kang Su-jin","doi":"10.24957/hsr.2020.28.2.71","DOIUrl":"https://doi.org/10.24957/hsr.2020.28.2.71","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122571001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-31DOI: 10.24957/hsr.2019.27.3.115
Kyoungjune Kim, Changha Jin, Im-ho Kang
This study analyzes the effect of foreigners’ inflow on house price and GRDP. The fixed effect model was estimated using the metropolitan area data and the 2-stage least squares method (2SLS) was employed to alleviate the endogeneity problem of the inflow of foreigners. The findings of this paper are the following two. First, if the number of foreigners increases by 1%, housing prices and GRDP go up about 0.16% and 0.18% respectively. Second, when dissimilarity Index, which measures the level of segregation of two groups between 0 and 1, increases by 0.1, then the housing prices decreases about 0.7%, which is statistically significant at 10% level, and GRDP decreases about 2.3%. The implication of these findings is that the influx of foreigners helps to revitalize the local economy, but it is appropriate to give attention to the residential segregation between foreigners and Koreans because the segregation gives negative impact to the housing prices and GRDP.
{"title":"Study of the Effects of Foreign Inflows on Housing Price and GRDP","authors":"Kyoungjune Kim, Changha Jin, Im-ho Kang","doi":"10.24957/hsr.2019.27.3.115","DOIUrl":"https://doi.org/10.24957/hsr.2019.27.3.115","url":null,"abstract":"This study analyzes the effect of foreigners’ inflow on house price and GRDP. The fixed effect model was estimated using the metropolitan area data and the 2-stage least squares method (2SLS) was employed to alleviate the endogeneity problem of the inflow of foreigners. The findings of this paper are the following two. First, if the number of foreigners increases by 1%, housing prices and GRDP go up about 0.16% and 0.18% respectively. Second, when dissimilarity Index, which measures the level of segregation of two groups between 0 and 1, increases by 0.1, then the housing prices decreases about 0.7%, which is statistically significant at 10% level, and GRDP decreases about 2.3%. The implication of these findings is that the influx of foreigners helps to revitalize the local economy, but it is appropriate to give attention to the residential segregation between foreigners and Koreans because the segregation gives negative impact to the housing prices and GRDP.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114703368","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-31DOI: 10.24957/hsr.2019.27.3.77
Y. Jin, Jung-Suk Yu
The government was expected to select a total of 68 urban areas across the country that were declined in the urban regeneration projects, and the New Deal that was announced in December 2017 urban renewal New Deal policy roadmap showed the Playing Deal innovation hub. The urban regeneration Deal innovation hub has chosen to promote pilot projects in continuing to lead the business. In this study, it is essential to replace the large-scale maintenance business with a small-scale housing maintenance business in order to revitalize it. Therefore, the purpose of the project is to analyze the qualitative risk factors for the revitalization of the business and to make a final decision about the project promotion by reflecting it in the feasibility evaluation, so that the Block-unit Housing Rearrangement Project can act as a foundation of the innovation renewal base of urban regeneration. In addition, I have suggested the policy implications by establishing methods for improving the management of these risk factors. Although the project of this study is not feasible at the beginning, the business entity (association, co-implementer, etc) can expect a business value of approximately 1,023 million won in the best case five years after the completion of the project. Therefore, the project developer (association, co-implementer, etc) should make careful decisions about the project. In conclusion, this study can be considered to be feasible by taking into account the risk factors of the Block-unit Housing Rearrangement project from the survey data of real estate experts.
{"title":"The Valuation of Block-unit Housing Rearrangement Project Using Fuzzy Real Options","authors":"Y. Jin, Jung-Suk Yu","doi":"10.24957/hsr.2019.27.3.77","DOIUrl":"https://doi.org/10.24957/hsr.2019.27.3.77","url":null,"abstract":"The government was expected to select a total of 68 urban areas across the country that were declined in the urban regeneration projects, and the New Deal that was announced in December 2017 urban renewal New Deal policy roadmap showed the Playing Deal innovation hub. The urban regeneration Deal innovation hub has chosen to promote pilot projects in continuing to lead the business. In this study, it is essential to replace the large-scale maintenance business with a small-scale housing maintenance business in order to revitalize it. Therefore, the purpose of the project is to analyze the qualitative risk factors for the revitalization of the business and to make a final decision about the project promotion by reflecting it in the feasibility evaluation, so that the Block-unit Housing Rearrangement Project can act as a foundation of the innovation renewal base of urban regeneration. In addition, I have suggested the policy implications by establishing methods for improving the management of these risk factors. Although the project of this study is not feasible at the beginning, the business entity (association, co-implementer, etc) can expect a business value of approximately 1,023 million won in the best case five years after the completion of the project. Therefore, the project developer (association, co-implementer, etc) should make careful decisions about the project. In conclusion, this study can be considered to be feasible by taking into account the risk factors of the Block-unit Housing Rearrangement project from the survey data of real estate experts.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123263242","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-31DOI: 10.24957/hsr.2019.27.3.41
Eui-chul Chung
{"title":"Panel Data Analysis of Housing Tenure Choice Decisions","authors":"Eui-chul Chung","doi":"10.24957/hsr.2019.27.3.41","DOIUrl":"https://doi.org/10.24957/hsr.2019.27.3.41","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116826730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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