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@article{ART002824248},
author={Lee Jun-MIn and Seung-Gyu Sim and Hong, Gi-Hoon},
title={An Empirical Analysis of Impacts of Income and Wealth on Homeownership},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2022},
volume={32},
number={1},
pages={41-54},
doi={10.35136/krer.32.1.3}

TY - JOUR
AU - Lee Jun-MIn
AU - Seung-Gyu Sim
AU - Hong, Gi-Hoon
TI - An Empirical Analysis of Impacts of Income and Wealth on Homeownership
JO - Korea Real Estate Review
PY - 2022
VL - 32
IS - 1
PB - korea real estate research institute
SP - 41
EP - 54
SN - 2092-5395
AB - This paper sheds light on the distinct characteristics of freehold and leasehold households in terms of wealth and income. In particular, we exploit the two-stage logit regression analysis to identify the marginal effects of wealth and income separately. Our estimation results reveal that i) the marginal effect of wealth after controlling the wealth effect explained by the income effect significantly improves the freehold probability. However, ii) the marginal effect of income after controlling the income effect explained by the wealth effect significantly lowers the leasehold probability. In other words, the household with additional income that is not explained by its own wealth is less likely to have freehold ownership. The results imply that homeownership relies on wealth disparity rather than income disparity.
KW - Wealth Effects;Income Effects;Homeownership
DO - 10.35136/krer.32.1.3
ER -

Lee Jun-MIn, Seung-Gyu Sim and Hong, Gi-Hoon. (2022). An Empirical Analysis of Impacts of Income and Wealth on Homeownership. Korea Real Estate Review, 32(1), 41-54.

Lee Jun-MIn, Seung-Gyu Sim and Hong, Gi-Hoon. 2022, "An Empirical Analysis of Impacts of Income and Wealth on Homeownership", Korea Real Estate Review, vol.32, no.1 pp.41-54. Available from: doi:10.35136/krer.32.1.3

Lee Jun-MIn, Seung-Gyu Sim, Hong, Gi-Hoon "An Empirical Analysis of Impacts of Income and Wealth on Homeownership" Korea Real Estate Review 32.1 pp.41-54 (2022) : 41.

Lee Jun-MIn, Seung-Gyu Sim, Hong, Gi-Hoon. An Empirical Analysis of Impacts of Income and Wealth on Homeownership. 2022; 32(1), 41-54. Available from: doi:10.35136/krer.32.1.3

Lee Jun-MIn, Seung-Gyu Sim and Hong, Gi-Hoon. "An Empirical Analysis of Impacts of Income and Wealth on Homeownership" Korea Real Estate Review 32, no.1 (2022) : 41-54.doi: 10.35136/krer.32.1.3

Lee Jun-MIn; Seung-Gyu Sim; Hong, Gi-Hoon. An Empirical Analysis of Impacts of Income and Wealth on Homeownership. Korea Real Estate Review, 32(1), 41-54. doi: 10.35136/krer.32.1.3

Lee Jun-MIn; Seung-Gyu Sim; Hong, Gi-Hoon. An Empirical Analysis of Impacts of Income and Wealth on Homeownership. Korea Real Estate Review. 2022; 32(1) 41-54. doi: 10.35136/krer.32.1.3

Lee Jun-MIn, Seung-Gyu Sim, Hong, Gi-Hoon. An Empirical Analysis of Impacts of Income and Wealth on Homeownership. 2022; 32(1), 41-54. Available from: doi:10.35136/krer.32.1.3

Lee Jun-MIn, Seung-Gyu Sim and Hong, Gi-Hoon. "An Empirical Analysis of Impacts of Income and Wealth on Homeownership" Korea Real Estate Review 32, no.1 (2022) : 41-54.doi: 10.35136/krer.32.1.3