패널자료를 이용한 밀레니얼 세대의 주택점유형태 결정요인 분석

• 영문명: A Panel Data Analysis of Housing Tenure Choice Decision of Millennials
• 발행기관: 건국대학교 부동산도시연구원
• 저자명: 정의충(Ui-Chung Jeong) 정의철(Eui-Chul Chung)
• 간행물 정보: 『부동산 도시연구』제15권 제1호, 49~68쪽, 전체 20쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2022.08.31

영문 초록

This study examines the determinants of housing tenure choice decisions of Millennials. Using KLIPS panel data from 2014 to 2020, a correlated random effects probit model and a fixed effects logit model were estimated to control for endogeneity problem associated with time-invariant unobserved heterogeneity. Estimation results showed that net wealth, relative housing cost, marital status of household heads were major determinants of housing tenure choice decisions. Permanent income, one of key variables on the housing tenure choice, was not significant, indicating that net wealth rather than income is more important to homeownership decisions of Millennials. However, the effect of net wealth on the probability of home owning was estimated to decrease over the observation period because the increase in net wealth could not catch up with the rise of housing price. A sharp decrease of the effect of net wealth on the probability of home owning in recent years was attributable to a dramatic increase in housing price and more stringent mortgage regulations.

키워드

밀레니얼 세대 주택점유형태 상관 확률효과 프로빗 모형 불균형 패널자료 Millennials Housing Tenure Correlated Random Effects Probit Unbalanced Panel Data