• 가정과삶의질연구
• /
• 제30권2호
• /
• pp.11-26
• /
• 2012

Transfer of housing wealth is an extensive social and economic phenomenon different from the traditional processes. The purpose of this study is to examine the experiences, plans, and perception of housing wealth transfers among Korean families. Using questionnaire survey, 700 data from the respondents who residing in Seoul and Kyonggi provinces were collected and analyzed for the research purpose. Only a small portion of the respondents had experiences on housing wealth transfer. Most of the respondents showed that they would have a plan to inherit their housing wealth to their spouse and children after their death or the time when children need help from their parent(s). However, perception of babyboomers who were in their age of 40-50s was different from other age groups. Thus, it is important to consider its implications, especially with respect to changing traditional values on housing wealth transfer.

• 한국주거학회논문집
• /
• 제26권3호
• /
• pp.45-54
• /
• 2015

The purpose of this research is to analyze the wealth effects of home-owning baby-boomers on household consumption on non-durable goods in the Seoul Metropolitan Area. In so doing, this empirical study utilized the Korean Labor and Income Panel Study (KLIPS) of 2002 and 2012. The statistical findings reveal that household wealth in the period had sharply risen in household income, asset, debt and consumption, and the substantial increase came from growing income and consumption embedded into an expansionary stage of the family life cycle. Further, housing wealth had a much greater effect on consumption expenditure than did financial asset in 2012 while financial wealth effect was larger than housing wealth effect in 2002. Housing wealth effects had become far stronger as the age of the baby-boomer householders increased. As the baby-boomers are close to the retirement stage, post-retirement income security becomes of concern, so that the wealth effect of real estate income as an income alternative for retirees is explicit. The results imply that retirement of baby-boomers is likely to reduce consumer spending, aggravating slowdown of the real economy. Thus, diversification of household asset portfolio in a pre-retirement period is of great significance in maintaining adequate household consumption in later life.

• 한국주거학회논문집
• /
• 제27권6호
• /
• pp.95-104
• /
• 2016

The purpose of this research is to compare housing wealth effects of home-owning single income couples (SIC) and dual income couples (DIC) on their non-durable consumption and to assess the effects by location, age groups, housing structure type, debt-to-asset ratio and employment status. Using the Korean Labor and Income Panel Study (KLIPS) of 2014, this empirical study identified 1,198 SIC households and 1,044 DIC households, and employed multiple regression analysis. The main results reveal that the difference of financial portfolios between SIC and DIC households was little but housing wealth effects were stronger among SIC households than DIC counterpart. It's evident that housing wealth effects were conspicuous for SIC and DIC households who were headed by wage earners aged over 40s, and resided in apartment outside the Seoul Metropolitan Area. However, household debt became a determinant in contradicting housing wealth effects of SIC and DIC households. While the household financial dimension was in proportion to income, DIC households didn't gain much financial security due to increasing expenditure. Further, this research imply that liquidity constraints explicitly posed a more serious threat to SIC households whose dependence on housing asset is larger than their counterpart.

• 한국주거학회논문집
• /
• 제28권1호
• /
• pp.83-93
• /
• 2017

This research intends to find out the impact of housing wealth of home-owning pre-retirees and older adults consisting of young-old, middle-old and old-old groups on their household consumption. In doing so, this research analyzes 2,350 home-owning households by utilizing the 17th Korean Labour and Income Panel Study (KLIPS). The results show that housing wealth has a statistically significant effect on non-durable consumption of the pre-retirees, and young-old and middle-old groups of older adults, and housing wealth has a much stronger effect on household expenditure than does financial wealth or real estate. It's found that the consumption elasticity is particularly greater for female-headed households living in SMA, residing in apartments, holding a lower debt-to-asset ratio and being a pensioner. The empirical findings imply that the old-old group of older adults is unlikely to actively tap into their housing windfalls since housing asset becomes the last to dispose in the course of an individual's life. As housing wealth effects are especially strong when liquidity constraints faced by older adults are removed, it's of significance to substantially reduce household debt before retirement in order to constantly maintain an adequate level of household consumption or to promptly prepare for future contingencies.

• KDI Journal of Economic Policy
• /
• 제30권2호
• /
• pp.1-26
• /
• 2008

본고에서 우리는 한국의 주택 부 효과의 크기를 재검토한다. 이를 위해 주택가격 상승에 대한 주택 보유자 소비지출의 반응인 '순수한' 주택 부 효과의 크기를 알아보는 데 중점을 둔다. 순수한 주택 부 효과를 측정하기 위해 거시시계열 자료를 이용할 경우, 주택 보유여부와 적절한 소비지출변수의 선정이라는 두 가지 문제가 제기된다. 우리는 먼저 비 주택 소비(non-housing consumption)가 보다 적절한 소비지출변수임을 보이며, 그 이유로 주택소비(housing consumption)의 상당 부분이 주택 보유자들의 실제로 지불하지 않는 귀속임대료(imputed rents)임을 제시한다. 이어서 우리는 거시시계열 자료로부터 구한 주택 부 효과의 크기를 얼마나 수정해야 주택보유자에의 순수한 주택 부 효과를 추정할 수 있는가를 살펴본다. 이를 위해 두 개의 구조적 모형을 설정하여, 전체 소비지출 중에서 주택 보유자 소비지출의 비중을 추정한다. 주택 보유자의 소비지출 비중을 감안하여 수정된 주택부의 효과는, 거시시계열을 이용하여 구한 통상적인 주택 부 효과의 추정치보다 크게 나타난다.

• 가정과삶의질연구
• /
• 제31권1호
• /
• pp.113-127
• /
• 2013

The purpose of the study is to estimate objective retirement wealth adequacy and subjective retirement wealth, and to compare two of them. Also the factors relating to those wealth readiness were investigated. The data used was 422 pre-retiree who were married and under 65 years old and SPSS 20 was used for the analyses. The results showed that objective reirement wealth readiness was 37.6% and subjective retirement wealth adequacy was 40.9%. Almost half of the sample (44.8%) were indicated to have no objective retirement wealth, but only 5.9% was answered to have no retirement wealth. Both subjective and objective retirement wealth adequacies tended to increase with older age, higher income and lower average propensity to consume groups. The difference between objective and subjective retirement wealth adequacies was smaller with getting older. According to multi-variable analyses, two factors were found to affect on both the subjective and objective retirement wealth adequacies, which were income and retirement asset. The respondents were found to be not able to estimate their own retirement wealth adequacy objectively. The correlation between the subjective and objective retirement wealth adequacies was 0.344. Among the respondents, 74.4% answered bigger number on subjective retirement wealth than their objective retirement wealth.

• 한국조사연구학회지:조사연구
• /
• 제8권2호
• /
• pp.1-19
• /
• 2007

이 연구는 사회조사에서 개인의 경제적 지위 측정값으로 주택자산의 적용 가능성을 알아 보았다. 이를 위하여 주택자산을 수입이나 주관적 계층평가처럼 기존에 널리 사용되고 있는 경제적 지위 측정값들과 비교하였다. 아울러 이러한 경제적 지위 측정값들과 다른 사회적 변수와의 관계를 살펴봄으로써 기존 변수와 주택자산의 유용성을 비교해 보고자 한다. 이를 위하여 전국의 3,000여 가구를 대상으로 조사된 2005년 전국가족실태조사 중에서 수도권 아파트 거주자 자료와 국민은행의 아파트 시세 자료를 사용하였다. 자료의 제한점에도 불구하고, 이 연구는 몇 가지 시사점을 제시하고 있다. 첫째, 다른 경제적 지위 측정값들과 분포나 다른 변수와의 관계에서 아파트 자산은 상이한 결과를 보였다. 자료수집이라는 측면만을 고려하여 경제적 지위를 측정하는 것은 연구자의 의도와 다른 결과를 산출할 수도 있다는 점을 보여 주고 있다. 둘째, 불완전하지만 아파트 시세 같은 보다 객관적인 지표의 활용 가능성을 적극적으로 검토할 필요가 있다. 최근에 부동산 자산에서 계층별 격차가 더 커지고 있다는 점을 고려할 때, 보다 객관적인 자료가 사회조사에서 적용된다면, 연구자의 의도를 보다 정확하게 반영할 수 있는 한 가지 방법이 될 것이다.

• 한국주거학회:학술대회논문집
• /
• 한국주거학회 2011년도 춘계학술발표대회 논문집
• /
• pp.296-300
• /
• 2011

It's well known that housing is one of the largest holdings in household wealth and at the same time the majority of households highly concentrate on it for their wealth accumulation. Coupled with a low interest rate and increasing housing price, the rationale is conspicuous and the propensity to debt-financed consumption becomes strengthened. This research was to examine the risk of home financing. In doing so, the study utilized several secondary data to identify the characteristics of households who finance loans for home buying in three regions of the nation - so-called Bubble 7, Seoul Metropolitan Area, and others. Based on the 2009 KB survey, the major findings were as follows: the majority of the studied households in Seoul Metropolitan Area who owned a house lived in rental housing, housing accounted for 89% of the household wealth, and home loans taken on were a ballon payment amortized for a short-term period (5 years) with an adjustable interest rate. In addition, the payment method most of the households depend on is income. The financing mechanism fueled debt load of the households, and further they are financially very vulnerable to such factors as increase in interest rate, unemployment and market downturn. In the absence of understanding the financial system, the consumption behavior leads to house-poor, so that financial accountability and ethics are addressed while the intervention of the government in home financing system should be more cautious but stimulate financial soundness in household wealth accumulation.

• 한국주거학회논문집
• /
• 제26권1호
• /
• pp.109-118
• /
• 2015

The purpose of this research is to examine generational distinctions of housing investment and household wealth for two different age cohorts - 'baby-boomers' and 'eco-boomers'. In so doing, national survey data of two different periods were analyzed and the primary results are summarized as follows; aggregate assets of both generations have risen, and the rising household debt for baby-boomers was related to loans for living expenses while eco-boomer's debt was ascribed to home-buying loans. In the midst of economic slowdown, the age cohorts had conservative asset allocation in preference for risk-averting investment like savings. The main purpose of saving and investment was distinctive across the groups? retirement for baby-boomers and home purchase for eco-boomers. Both groups prioritized reduction of household liabilities and also were cautious on investing in real estate. Still home-buying was considered to be an important driver for asset accumulation. While baby-boomers were unwilling to dispose any form of owned real estate, eco-boomers found it challenging to take on a long-term investment like home-buying, especially in economic uncertainties. Rather the young generation would diversify asset allocation with better-returning investment commodities like stocks, bonds and derivatives.

• 가정과삶의질연구
• /
• 제14권4호
• /
• pp.233-248
• /
• 1996

The purpose of this study were 1) to identify housing consumption over family life cyle and 2) to analyze the propensity of residential mobility and its contributing factors over family life cycle. For these purposes the 1993 KHPS data was used. The sample in this study consisted of 2,796 couple households. Satistics employed for the analysis were frequencies means and logistic regression analysis. As the number of children and the children's age increased the housing consumption increased. There were many factors such as husband's education satisfaction of health and family relations monthly income wealth debt owning a car home ownership duration of residence and the satisfaction with housing contributing to housing consumption and propensity to move. Those with home ownership higher wealth higher satisfaction with health higher expenditure, longer duration of residence and higher satisfaction with housing tend to move more frequently. However those with low educational attai ment less satisfaction with family relation less income and having no debts were likely to move.