교육환경과 아파트 전세가격간의 관계 분석

Imfact of Education Environment on Apartment Rental Price

1. CONTENTS (1) RESEARCH OBJECTIVES This study investigates the effect of the strong educational environment on the rental price of Kangnam areas, including Kangnam-Gu, Seocho-Gu, and Songpa-Gu. The apartment rental market differs from the apartment purchasing market because there is no investment purpose involved. In this sense, we identified the variable factor on the price of residence in Kangnam to be the effect of its educational environment. We used the fundamental real estate variables as structural characteristic variables. We used five different educational variables to analyze the effect of educational environment effects. (2) RESEARCH METHOD Empirical analysis’ Hedonic Price Model, Hierarchial Linear Model. (3) RESEARCH RESULTS From two models, we found that the majority of the variation of apartment rental price market depends on the regional educational environment effect. For example, in the Hedonic Price Model, we used five educational environment variables, such as the distance from middle schools, the number of cram schools, the ratio of college bound students to high school graduates in that area, the number of students who gained entrance to Seoul National University from that area, and the ratio of students transferring to that area from other areas. Interestingly, all five variables are statistically significant. On the other hand, the more sophisticated Hierarchial Linear Model suggests that only four variables are statistically significant, and that the number of cram schools is not statistically significant. 2. RESULTS Our research suggests very interesting real estate and educational policies. The empirical results suggest that all five variables have important implications, but because of the development of the online education market, the importance of the number of cram schools on the real estate rental market is decreasing. People relieve that one of the most important factors to Educational success is the educational environment in which they are raised in, and the real estate rental market reflects this. When we develop new real estate policy, we need to take into account the implications of this study.