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A Study on Home Owners’ Decision on Staying or Leaving under the Constraint of Real Property Affordability -Focusing on Residents in Urban Redevelopment Areas in Seoul-

  • Korea Real Estate Review
  • 2011, 21(3), pp.169-184
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

지규현 1,  Jin Kim 2,  KIM, JIN-YOO 3

1한양사이버대학교
2서울시정개발연구원
3경기대학교

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ABSTRACT

Based on 3,276 responses listed in “Survey on Living Conditions in Under-developed Areas, Seoul,” the purpose of this paper is to examine the residents’ financial affordability of new condominium units and then estimate the possibility of their resettlement in redevelopment areas after the completion of projects. Also, this study aims at testing whether their affordability and perspective for redevelopment projects influence their decision on restaying at the newtown or not. We calculated each household’s payable maximum bidding price for a new home under the constraints of LTV(Loan-to-Value) and DTI(Debt-to-Income) and compared it with the average condominium price of current neighborhood. For the latter issue, we regressed their affordability and redevelopment perspective on the resettlement decision, with some other household characteristics such as paterfamilias’ age, number of persons in household, years of residence and dependence on operating income from current property. Only 19.9% of households in under-developed areas are estimated to afford new homes therefore their resettlement seems very hazy after the completion of projects. Furthermore, our study shows that their affordability and perspective regarding redevelopment look statistically significant in their decision making to stay or leave the sites.

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