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A Study on Changes in Housing Cost Burden and Housing Cost Income Elasticities in Middle and Old Aged Rental Households
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중고령 임차가계의 주거비부담 및 주거비소득탄력성 변화 연구

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Type
Academic journal
Author
Cho Hyejin (인천대학교) Kim Minjung (충남대학교)
Journal
Korean Society Of Consumer Studies 소비자학연구 소비자학연구 제31권 제3호 KCI Accredited Journals
Published
2020.1
Pages
193 - 213 (21page)

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A Study on Changes in Housing Cost Burden and Housing Cost Income Elasticities in Middle and Old Aged Rental Households
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Korea’s middle and old aged people are the generations most vulnerable to falling property asset values and changes in the residential environment, as they have often achieved asset growth through real estate holdings and investments during the period of economic development. Therefore, housing cost burdens due to changes in the real estate market are likely to undermine their stability of life. In particular, middle-aged rental households are likely to suffer because they have to bear the burden of high housing costs when rent increases due to rising housing prices, unlike the value of their own households. This study was designed to analyze the housing cost burden of middle-aged tenants to draw up suggestions and make policy suggestions. To analyze the changes in housing cost burden and housing cost elasticity, changes in the rent-to-income ratio (RIR) relative to income, which is the portion of rent-related expenditure in monthly household income, were analyzed by age group and income level, and changes in housing cost income elasticity were analyzed using data from year 1 to 6 of the National Age Security Panel to analyze changes in housing cost elasticity. The main findings are as follows. First, the housing burden level of middle-aged rental households for 10 years from 2005 to 2015 showed a slight increase in 2011 and then a general decrease after falling sharply in 2009 from the highest point in 2007. In addition, it was found that the patterns of change in RIR and interest rates showed almost similar shifts. Second, the housing burden of rental households has been aggravated due to the increase in the age of the household owners, and the level of housing burden for low-income households, which is equivalent to the first-percent income bracket, was so high that the polarization of the economic income bracket of middle-aged households could be identified. Third, a chronological comparison of housing cost elasticity showed that 2009 immediately after the financial crisis was negative, and in 2011, housing cost income elasticity increased and then decreased again. These changes in the economic environment and interest rates resulted in changes in housing cost elasticity, proving that the burden of income and housing costs were heavily related to each other. Fourth, residential income elasticity was significantly different depending on the residential area. With this research, we expect to provide basic data and policy implications for future housing stabilization measures for middle-aged Korean rental households.

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