| 요약2 |
In this study, determinants of home ownership turnover rate by classification of the ownership status, are explored. It is hypothesized that if a household lives in a house he owns, his major purpose of the purchasing the property could be a stability of residential status, while if another household's residential location is different from the property he owns, his purpose might be an investment for the future value. Cox proportional hazard model is used for the analysis of home ownership turnover rate by exploring various variables such as loan-to-value ratio, age and dimension of building, purchasing price, and age and gender of the owner, of the two groups. Throughout the empirical analysis, the following policy implications are provided. First, excessive supply of small size houses may cause speculation, so policy makers must make an effort to adjust the supply balance. Second, since loan-to-value ratio is one of the most important determinants of ownership turnover rate, interest rate of mortgage loans may be an useful instrument to control a housing market. Third, a demand-side regulation against owners having multi-houses may lead to instability of housing market because it is impossible to provide ownership of houses to every household in the market. Lastly, life cycle of the demanders may be an important indicator of housing supply policy. |