지역간 PIR 편차의 시간적 변화에 관한 연구

A Longitudinal Perspective of the Regional Disparities of the PIR

1. CONTENTS (1) RESEARCH OBJECTIVES It has been widely believed that the rise in the house Price to Income Ratio (PIR) implies the increasing difficulty for the first time buyers, thus leading to the social problems such as the labour shortages in areas of high house prices and the future crash in housing prices. The purpose of this study is to investigate the regional and income disparities of the PIR using the Korean Labor and Income Panel Study(KLIPS), (2) RESEARCH METHOD In this study, the PIRs are calculated during the period between 1998 and 2008. Regional disparities are interpreted using not only the concept of PIR measures, but also the Gini coefficients of income and housing price inequalities which were decomposed into between-regions and within-regions contribution. (3) RESEARCH FINDINGS The empirical analyses showed that the difference of the PIR between the low-income and high-income households in Korea has increased from 14.0 in 1998 to 20.2 in 2008. 2. RESULTS The PIR of low income group has shown a drastic increase over the last 10 years. Another empirical investigation revealed that there has been a considerable regional variation of PIR. In contrast to the Seoul Metropolitan Area (SMA) there has been a gradual decrease in the PIR in regional areas outside of SMA. The results indicate that future housing policy should put more emphasis on the affordable housing for the low-income people.