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The Effects of House Price on Mental Health

  • Korea Real Estate Review
  • 2017, 27(2), pp.7-18
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
  • Published : June 30, 2017

KIM DAEHWAN ORD ID 1 Kim, Eun Joo 1 Kang, Da Seul 1 Park, Sung Kewon 1

1동아대학교

Accredited

ABSTRACT

Under the circumstance that the proportion of real assets among whole household assets is high and the roles of real assets play are not only limited to residence but extended to investment in Korea, the economy of the real estate is essential to individual perspectives as well as macroeconomic point of view. Whereas priori studies related with the real estate have focused on macroeconomic perspectives or estimating the real estate cycles, there is little studies the association between the real estate and individual mental health. By applying the correlated random effect lodit model to Korea Health Panel of 2008~2013, this study investigates whether the house price affects individual’s mental health or not. Further, we examine the hypothesis that the house price would affect differently between the individuals who own a house and those who do not. The empirical results show that the likelihood of experiencing depression for house owners decreases when a house price increases and such association between the house price and depression is not detected for tenants. The results of this study imply that the government’s intervention to avoid hard landing of the real estate market would be positive for people’s mental health as well as macro-economy.

Citation status

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