Housing is one of the most important factors in migration in Korea. In recent years, population outflows in areas where housing prices, especially rental prices, have surged have received considerable social attention. Although housing prices are considered to be a major factor in recent migration, empirical studies based on spatial analysis are still rare. The purpose of this study is to investigate the relationship between housing prices and migration in Si-Gun-Gu units of the capital region from a spatial perspective. The main findings are as follows. First, since the mid-2000s, the average of rental prices in the areas has increased continuously, while the average of net migration rates has shown the opposite trend over the period. Second, in general, areas with higher rental price and higher increase of rental price, especially in the southeastern part of Seoul, showed high negative net migration rates, whereas the other areas showed positive net migration rates. Third, in the inter-area migration, more than 70% of net migration flows were directed to areas with lower housing price. Fourth, OLS analysis of net migration rates showed that the spatial pattern of rental prices has a negative correlation with that of net migration rates, but the explanatory power was not strong compared to housing stock or employment opportunity. Fifth, in GWR analysis, rental prices were negatively related with net migration rates in all areas, but the power varied depending in the area, which was lower in Seoul and its neighboring areas. In summary, it is concluded that high rental prices are considered to be factors that promote out-migration or inhibit in-migration, but their impact is not strong enough at Si-Gun-Gu level in the capital region.