@article{ART001780898},
author={KIM, JUN HYUNG},
title={Housepoor Problem: Diagnosis and Remedies},
journal={The Korea Spatial Planning Review},
issn={1229-8638},
year={2013},
volume={77},
pages={155-174},
doi={10.15793/kspr.2013.77..010}
TY - JOUR
AU - KIM, JUN HYUNG
TI - Housepoor Problem: Diagnosis and Remedies
JO - The Korea Spatial Planning Review
PY - 2013
VL - 77
IS - null
PB - 국토연구원
SP - 155
EP - 174
SN - 1229-8638
AB - This study defined the housepoor as households who have used mortgage financing to purchase housing for the purpose of residing but are facing unaffordable debt service. Based on this definition, this study analyzed the micro data of Survey of Household Finances and Living Conditions by Statistics Korea, and found 70 thousand households fit the definition of housepoor, 0.4% of total households. Adding those households at risk of becoming housepoor, it increases to 328 thousand households (1.8% of total households). Policy implications are as follows: first, we need more detailed definition of housepoor in terms of concept and operation. Second, the target group of the policies should be specified, particularly with regards to the occupancy status of the homeowner. Third, the voluntary rescheduling of loan payment between lenders and borrowers should be regarded as the first and the best solution. Fourth, the DTI (Debt-to-income) regulation should be restored in the policy package (its removal being a major factor resulting in the housepoor). Fifth, government intervention would be inevitable due to the need to protect homeowners who have to move out of a house and chonsei-tenants who wish to move in. Finally, before announcing more detailed policies for the housepoor, the research on the characteristics and the necessity of government intervention for them should be performed.
KW - Housepoor;Homeownership;Mortgage;DTI;LTV
DO - 10.15793/kspr.2013.77..010
ER -
KIM, JUN HYUNG. (2013). Housepoor Problem: Diagnosis and Remedies. The Korea Spatial Planning Review, 77, 155-174.
KIM, JUN HYUNG. 2013, "Housepoor Problem: Diagnosis and Remedies", The Korea Spatial Planning Review, vol.77, pp.155-174. Available from: doi:10.15793/kspr.2013.77..010
KIM, JUN HYUNG "Housepoor Problem: Diagnosis and Remedies" The Korea Spatial Planning Review 77 pp.155-174 (2013) : 155.
KIM, JUN HYUNG. Housepoor Problem: Diagnosis and Remedies. 2013; 77 155-174. Available from: doi:10.15793/kspr.2013.77..010
KIM, JUN HYUNG. "Housepoor Problem: Diagnosis and Remedies" The Korea Spatial Planning Review 77(2013) : 155-174.doi: 10.15793/kspr.2013.77..010
KIM, JUN HYUNG. Housepoor Problem: Diagnosis and Remedies. The Korea Spatial Planning Review, 77, 155-174. doi: 10.15793/kspr.2013.77..010
KIM, JUN HYUNG. Housepoor Problem: Diagnosis and Remedies. The Korea Spatial Planning Review. 2013; 77 155-174. doi: 10.15793/kspr.2013.77..010
KIM, JUN HYUNG. Housepoor Problem: Diagnosis and Remedies. 2013; 77 155-174. Available from: doi:10.15793/kspr.2013.77..010
KIM, JUN HYUNG. "Housepoor Problem: Diagnosis and Remedies" The Korea Spatial Planning Review 77(2013) : 155-174.doi: 10.15793/kspr.2013.77..010
