| Title |
Recomments in Housing Policy and Solutions of Housing Problem with Housing Market Analysis |
| Abstract |
The housing problem is undoubtedly the absolute housing shortage accompained by worsening housing affordability problem. The objective of this paper is on the one hand to analyze the nature of housing demand and its supply and affordability is Seoul and, on the other hand, to evaluate the efficiency of its housing policy in solving these problems.The results of this paper are summarized as below. First, house price vs yearly income for low income is 18.5 year as against 3.35 year for high income. A second finding is that the income elasticity of owner occupied housing demand is lower than it of rental housing demand. It implies that housing security for rental housing is unstable to owner occupied housing. Finally, The current housing market segmentation creates a series of partal disequilibrium in the housing market and the resulting market distortion could reduce the market efficiency. |