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An Analysis of Housing Demand Functions Considering Family Life Cycle

Chungyu Park 1 Lee, Soo Wook 1 손경환 1

1국토연구원

Accredited

ABSTRACT

This study aims to analyze housing demand characteristics using family life cycle housing demand functions. This study comprises of four chapters. Following the introduction in Chapter Ⅰ, Chapter Ⅱ explains the standard to classify the households into the family life cycles. Based on the householders' age, 4 family life cycles are built. And then the family life cycle housing demand functions are estimated using the two-stage Heckit method and the housing demand characteristics are analyzed in Chapter Ⅲ. The first cycle, the 30s are sensitive to the relative price in their tenure choice function. This cycle needs the mortgage or parent's economic help to buy a house easily. The second and third cycles, the 40s and the 50s consume houses a lot more than other cycles. The forth cycle, more than the 60s consume much houses compared to their income level. This means that if the economic situations are worst, the 60s have tendency to reduce their housing consumption dramatically. Summary and conclusions are attached in the last chapter.

Citation status

* References for papers published after 2022 are currently being built.