서민 주택구입자금 지원정책의 노인가구 지원효과에 관한 연구

Effectiveness of Housing Finance Support Program on Elderly Households

The purpose of this paper was to analyze the effectiveness of the governmental policies on the Housing Finance Support Program (for low income households) for elderly households, and to suggest future policy directions. Data used for the study was based on the Housing Financing and Welfare survey conducted by KHRIS in 2012. The study used the hedonic price model to estimate housing prices and rents and the binary logit model to assess housing tenure choices. The research results showed that 75.6% of elderly households and 51.6% of non-elderly households were not eligible for housing loans, due to asset and income restrictions. The most influential factor determining the choice of home ownership among elderly households was relative costs. Asset restrictions and income-level restrictions were found to be other influential factors. These findings indicate that housing-related expense was the most significant factor elderly household considered when purchasing housing. They also regarded the ability to pay back their housing loans to be more important than the amount of their loans. It was concluded that the Housing Finance Support Program has overall been playing a positive role in increasing elderly home ownership. However, in order for such support to be maximized in the future, it would be more efficient to lower the interest rate.