장기주택금융의 차용제약이 가구의 주택소비에 미치는 영향에 관한 연구

Abstract

It is expected to be more expedient for the homebuyers to purchase houses by virtue of the long-term home mortgage financing that became recently available by the legislation to establish the Korea Housing Finance Corporation. Albeit such a financial provision is certainly expected to expand the size of the housing consumption of those households who have hesitated for long the house purchase due to the currently limited financial availability, the level of housing consumption of each prospective homebuyer is subject yet to their individual borrowing constraints. Since their binding restrictions occur due to the overall financial situations facing those households, the paper estimates the influence of the former on the level of their housing consumption in terms of the optimization condition of the housing consumption using the micro data. For the purpose, the paper sets the terms of the mortgage to be those recently pronounced by the government, i.e., 1) the 6.8% real borrowing interest rate; 2) 30% PTI (Payment-to-Income ratio); and 3) maximum 70% LTV (Loan-to-Value ratio). The findings indicate that the residents in the Capital area, the renter households, the age groups of their 30's, and the residents in other types than apartment houses are generally under more stringent condition in their housing consumption than their counterparts