財富效果、所得效果、與住宅需求

Wealth Effect, Income Effect, and Housing Demand

由於住宅價格昂貴，影響人們購買住宅的主要因素除了傳統的所得、利率、及其他諸多因素以外，財富大小更是家計單位決定購屋與否的重要的考量因素之一。尤其台灣地區金融市場不十分發達，購屋者往往需要在擁有很高的自備款的情況下，才有可能購屋，因此家計單位擁有財富的多寡更是相當程度的左右了人們是否能夠自行購屋。國內的傳統文獻中，由於受到資料的限制，在財富對住宅需求的影響方面，一向缺乏有系統的探討與分析。本研究引用主計處家計單位的調查資料，一方面估計財富對住宅需求的影響，一方面也要進一步探討所得對家計單位住宅需求的影響。實證結果發現，對自有住宅家庭而言，資產對於住宅需求有顯著的影響，而此影響力隨著資產增加而增加；另一方面，對於租賃家庭而言，住宅需求的資產彈性則不顯著。

Since housing price is very expensive in Taiwan, one of the important factors that determines housing purchase is the level of wealth owned by a household, in addition to the traditional variables like income, interest, and so on. Besides, financial market is not well developed in Taiwan, therefore a large amount of down payment is required in housing purchase. Consequently, the level of wealth owned by a household crucially determines the feasibility in affording the ownership of a house. Due to data restriction, literature concerning demand for housing did not pay enough attention to the analysis of the relationship between housing demand and the wealth level of a household. Thus, in this study, we use the Survey of Personal Income Distribution data of DGBAS to analyze the wealth effect, on top of income effect, of housing demand. We conclude that, for owners, the level of wealth significantly affects housing demand and the effect increases as the level of wealth increases. For renters, asset elasticity of housing demand is insignificant.