가계 자산구조와 주택소유결정요인 분석

Asset Portfolio of Households and Home-Ownership Determinants - A comparison between the normal and one person households -

It is significant to the whole country and households that how households compose to asset portfolio. Household portfolio composition is related to the financial and real asset market. This is influenced by individual household’s characteristics and internal and external environments. Recently, the increase in the number of one person households and the aging population are very apparent phenomenons in our society. Compared to normal households, one person households tend to show great differences in life patterns and asset structures. Hence, by using the Korean Labor and Income Panel Survey (KLIPS), 2007, this study has two focuses. First is to understand the characteristics of one person households’ and normal households’ asset structure and distinguish the differences between the two. Second, is to find out home-ownership determinants upon the two. A logistic regression model and a maximum likelihood estimation were used to achieve the two purposes of this study. First, on the asset composition, one person households holds around 1/3 of property asset, financial asset, net asset compared to normal households. Asset patterns show reverse U shapes as the age increases. One person households represent a lower ratio of house, and property asset to total assets compared to normal households. On the other hand, it shows a higher ratio than normal households in the ratio of financial assets. Second, according to the results of the logistic regression analysis, the home-ownership determinants are age, education level, spouse existence, net asset. Among all of the determinants, home-ownership is influenced by net asset considerably. If households resided Seoulㆍcapital region or had more savings, the home ownership probability rates were lower. Also, the higher the ages and educational levels were, the home-ownership probability rates were higher. But these traits are not significant to one person households. The results like such are believed to be taken into reference data when composing asset portfolios according to individual household’s characteristics as well as policy management.