자가소유와 주택담보대출이 가구 소비성향에 미치는 영향

Households, who buy a house, would initially spend less because some equity investment is inevitable. They, however, get to be better off later in terms of household consumption than renters once they enter the stage of paying off the mortgage debt regularly because the uncertainty on how much they save for housing purchase in the future is eliminated. The purpose of this study is twofold: (1) to explore the impact of propensity to own a home on household’s propensity to consume, and (2) to test whether or not the amount of mortgage payment has a crowd-out effect on the propensity to consume. As for the empirical analysis, this study employed the two-step estimation methodolgy to address the potential reverse causality and sample selection bias in the relationship of housing tenure choice with propensity to consume, and in the linkage of mortgage payment with propensity to consume, respectively. This study provides evidence that those effects are significant, and they are greater for lower-income households. These findings justify the differentiated policy tools by income in devising and executing micro- and macro-prudential measures.