금융규제가 가구의 주택점유행태의 변경에 미치는 영향에 대한 연구: DTI(debt service to income ratio) 규제를 중심으로

This study analyzes the relationship between financial regulation and changes in housing occupancy using micro-level data of 60,643 households from the Korea Housing-Finance Corporation from 2011 to 2022. The following conclusions are drawn from the results of the empirical analysis. First, an increase in income leads to a high possibility of new occupancy by homeowners in the future from current occupancy, whereas a rising relative price induces a lower probability of new occupancy by homeowners in the future. A similar pattern was exhibited in the case of future occupancy. Second, by classifying four types of housing occupancy plans-"current homeowner to future homeowner," "current homeowner to future tenant," "current tenant to future homeowner," and "current tenant to future tenant"-this study finds that an increase in income induces a high possibility of both moving up the property ladder from current to future homeowner and from tenant to homeowner occupancy. In contrast, a rising relative price lowers the probability of future housing occupancy. Finally, strengthening financial regulations in the housing market had a significant effect on the two types of future occupancy. This lowers the possibility of a change in occupancy from current tenant and current homeowner to future homeowner. This tendency is much stronger among current tenants.