Journal of the Korean housing association (한국주거학회논문집)

The Korean Housing Association (한국주거학회)
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Comparing Financial Portfolios and Housing Wealth Effects of Single Income and Dual Income Couples

외벌이와 맞벌이 부부가구의 자산포트폴리오 특성 및 주택자산효과 차이 비교

  • Lee, Hyunjeong (Dept. of Housing & Interior Design, Kyung Hee University)
  • 이현정 (경희대학교 주거환경학과)
  • Received : 2016.10.19
  • Accepted : 2016.12.13
  • Published : 2016.12.25
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Abstract

The purpose of this research is to compare housing wealth effects of home-owning single income couples (SIC) and dual income couples (DIC) on their non-durable consumption and to assess the effects by location, age groups, housing structure type, debt-to-asset ratio and employment status. Using the Korean Labor and Income Panel Study (KLIPS) of 2014, this empirical study identified 1,198 SIC households and 1,044 DIC households, and employed multiple regression analysis. The main results reveal that the difference of financial portfolios between SIC and DIC households was little but housing wealth effects were stronger among SIC households than DIC counterpart. It's evident that housing wealth effects were conspicuous for SIC and DIC households who were headed by wage earners aged over 40s, and resided in apartment outside the Seoul Metropolitan Area. However, household debt became a determinant in contradicting housing wealth effects of SIC and DIC households. While the household financial dimension was in proportion to income, DIC households didn't gain much financial security due to increasing expenditure. Further, this research imply that liquidity constraints explicitly posed a more serious threat to SIC households whose dependence on housing asset is larger than their counterpart.

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