2023, Vol.33, No.2

Korea Real Estate Review 2023 KCI Impact Factor : 0.56

pISSN : 2092-5395 / eISSN : 2733-8339
https://journal.kci.go.kr/krer

This paper examines the effect of real estate price decline and interest rate fluctuation on the default risk of mortgage-holding homeowners. Default risk is measured using cash flows and net asset holdings at the household level. First, using a stress test, we examine how these measures are affected by a variety of stress scenarios. The result shows that 0.14%–4.02% of households are at risk of default; therefore, the households’ default risk is not high. However, youth and middle-aged individuals are exposed to higher default risk than other age groups, and an estimated 56.5% of youth exposed to default risk belong to the middle-income class. Second, employing the probit model, we find that socio-demographic characteristics such as sex, age, and education variables are no longer significant independent variables for youth and middle-aged individuals compared with all other age groups. Furthermore, households with low financial assets, low net assets, multiple mortgages, and multiple properties have a higher default risk. Our results shed light on the necessity of monitoring youth and middle-aged individuals' financial health in order to lessen their social and economic impact.

This study aims to identify the current status and problems of housing brokerage remuneration in the real estate brokerage remuneration system and to determine whether the calculation of housing brokerage remuneration must be classified based on apartments and detached houses. Brokerage remuneration has different upper-limit rates based on factors other than housing, but there is no distinction based on the type of housing in housing brokerage remuneration. Although apartments and detached houses are distinct types of housing, a uniform brokerage fee rate applies to both. Examination of the official Property Register revealed that detached houses with greater individuality require more confirmation and examination than apartment houses. Results of the survey analysis also showed differences in brokerage activities. In particular, the housing brokerage remuneration system was perceived to be centered on apartment houses. Additionally, the results revealed that brokerage fees for apartments and detached houses must be distinguished. The most common response was that if remuneration was classified, brokerage fees for detached houses should be calculated separately for land and buildings.

This study examined the effects of housing characteristics on life satisfaction across different age groups. Prior research has primarily focused on specific population groups (elderly, disabled, single-person households, etc.) or a handful of housing characteristics. These studies do not account for differences in the effects of housing characteristics on life satisfaction. Thus, the purpose of this study is to examine the effects of three housing characteristics on life satisfaction across age groups: housing tenure, housing quality, and housing affordability. This study found that only housing quality influences life satisfaction among young adults, whereas both housing quality and tenure affect life satisfaction among middle-aged individuals. In addition to housing quality and tenure, housing affordability also affects the life satisfaction of the elderly. These results indicate that the importance of housing increases with age and suggest that age-appropriate housing policies should be implemented. Particularly, because housing tenure affects the life satisfaction of middle-aged individuals, it is necessary to assist them in purchasing a house. In addition, because housing affordability affects the life satisfaction of the elderly, support is required to alleviate their housing cost burden. Finally, the quality of housing is important to the life satisfaction of individuals of all ages. Efforts should therefore be made to improve the quality of housing by enhancing housing and implementing minimum housing standards.