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A Study on the Influence of Elderly Household Characteristics on Housing Consumption according to Public Pension Receipt

  • Korea Real Estate Review
  • 2018, 28(1), pp.105-114
  • DOI : 10.35136/krer.28.1.8
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
  • Published : March 31, 2018

Sang-Joon Jung 1,  Chang-Moo Lee ORD ID 1,  Shin, Hye-Young 2

1한양대학교
2한양대학교 도시공학과

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ABSTRACT

According to Statistics Korea, South Korea has entered the realm of the “aging society” with the rapid development of the country’s population. Researchers anticipate that the extremely high (73%) ratio of real estate property to total assets for mid-age to aged households in South Korea that do not have a fixed income may cause serious problems in the future. For example, the real estate market in South Korea may be bombarded with properties listed for sale, causing the average property price to drop due to the abundant supply. Although this prediction may be reasonable, this concept has excluded the idea of pension (which is crucial as it can be considered a consistent and fixed income) due to the limited amount of available data thereon; as such, it is important to include this factor to improve the pertinent research. Thus, this research was conducted using the data from the 3rd and 5th Korea Retirement and Income Study. For the study results, it was found that variables such as net asset, gender, education, and number of family members have the same impact as that found in the previous studies. To extend from here, two new factors were introduced: the existence of pensions and the amount of pension received by a household. From there, it was found that the existence of a consistent and fixed income such as a pension has led to an increase in housing consumption, the area of interest of the authors.

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