• 한국사회정책
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• v.25 no.3
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• pp.75-101
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• 2018

The purpose of the study was to examine the difference of housing welfare outcomes between public rental housing and market rental housing. Housing welfare is defined as living at adequate, affordable housing with stability and measured as substandard housing, unaffordable housing, unstable housing. This study was based on 2016 Housing Fact Finding Survey, sampled the households which their incomes are below 120% average income of city workers. This study controlled the socio-economic characters of householders to identify the difference of housing welfare performance between public and market rental housing. The study showed the ratios of public rental housing of substandard housing and unaffordable housing are not low. But It is revealed that the achievements of housing welfare of the public rental housing are better than market rental housing and the differences between them are more consistent after controlling the socio-economic characters of householders. The problems of substandard housing, unaffordable housing and unstable housing in market rental housing are more than public rental housing. This study provides the basis that the regulation for market tenant protection should be reinforced and the policy of public housing should be expanded and improved for housing welfare.

• KDI Journal of Economic Policy
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• v.29 no.2
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• pp.159-175
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• 2007

It is widely accepted that public rental housing programs affect both the allocation of resources and the distribution of welfare. This paper explains institutional arrangements of public housing program in Korea and assesses the benefits of the program. In contrast to the previous studies which employed homothetic preferences, the benefits of the public housing were estimated based on non-homothetic preferences to allow for different income effects across households. Empirical results suggest that average benefit-cost ratio of public housing program is 0.91, and hence, the deadweight loss seems to be well-contained in Korean public housing program compared to other countries. However, the distribution of the benefits reveals that the transmission of the benefits should be improved to achieve the desired goals of residential welfare for low income families.

• Journal of the Korean Regional Science Association
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• v.39 no.1
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• pp.37-52
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• 2023

This study examined the effect of housing cost burden on the intention of moving into public rental housing. For the empirical analysis, I used the 2019 Korea Housing Survey and divided the households based on housing tenure and income level and they are as follows: homeowners, renters and low income, middle income and above. As analysis method, the binomial logit model is used and the empirical analysis shows that the burden of housing costs was increased the intention of moving into public rental housing even in homeowners and households with middle income or higher.

• International Area Studies Review
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• v.21 no.4
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• pp.173-194
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• 2017

The research study conducted logistics regression analysis through HLM (Hierarchical Linear Modeling) and presented the value of the outcome in order to investigate characteristic factors of demanders which influence the intention to move into public rental housing. (1) The results of the regression analysis of characteristic factors of household and housing were analyzed as having the significant effect on the intention to move in public rental housing, according to residents moving in monthly rent housing, residents' occupations, rental housing, the number of household, the location of surrounding public rental housing, monthly average income, children's educational level, the number of children, the types of housing and one's own house, in order, out of the types of housing tenure. (2) The results of the regression analysis of characteristic factors of the conditions of location were analyzed that out of the conditions of location of the top five areas in public rental rates, what influences significant effects on the intention to move in public rental housing is the location of surrounding rental housing, income, the number of household and children, children's educational level, job state, housing types, ones' own house, rent housing, monthly rent housing, in order. (3) In case of Seoul, Expanding public rental housing is inevitable in order to stabilize ordinary people's housing stability, owing to the high and rental prices of private housing. Nevertheless, an accurate analysis of the intention to move in public rental housing has not been conducted. Eventually, the research was, thus, conducted, based on the fact that the preference on public housing is low. According to the analytic results of the study, it is required for the government institutions and agencies should consider individual and local characteristics and provide an alternative that meets the real situation, in order to help ordinary citizens with low incomes stabilize housing.

• Korean Journal of Social Welfare Studies
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• v.44 no.3
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• pp.5-30
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• 2013

The aim of this study is to identify the influence of public housing on depression of its residents by analyzing the 7th Korea welfare panel study. To reduce the selection bias which arise from the public housing is selected by personal choice, we used PSM(propensity score matching). In addition, we merged the result of PSM and OLS regression to control the other variables which can affect depression of the resident of public housing. Final result revealed that the statistical significance which was observed when we compared the level of depression between the residents of public housing and general community by independent t-test was not observed when we used the merged result from PSM and regression. These results suggest that the high level of depression in the residents of public housing might be related with their demographic characteristics or earned income not with the public housing itself. This study can be the evidence supporting the policy of providing public housing because living in public housing did not give negative influence on its residents. Considering that this study also showed that there were no observable positive influences of public housing, we can suggest that public housing policy for majority of people not limited to people with low income.

• Land and Housing Review
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• v.15 no.3
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• pp.25-43
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• 2024

Using the 2021 Korea Housing Survey Data, this study compared and analyzed the factors influencing the residential mobility of residents in public and private rental housing by population and social characteristics, economic characteristics, and housing characteristics. The analysis results are as follows. As a result of descriptive statistics analysis, it was found that private rental households were young and economically active. While the proportion of apartment residents and new housing, and the level of housing satisfaction were low, the level of housing insecurity was high. Through logistic regression analysis, significant factors influencing the residential mobility of private and public leases were analyzed. In terms of demographic and social characteristics, private leases were affected by marital status, the number of household members, the age of the household head, and the residential area, while public leases were affected by marital status and the age of the household head. In terms of economic characteristics, private leases were affected by assets, debt, and housing management costs, while public leases were affected only by debt. In terms of residential characteristics, private leases were affected by periods of homelessness, housing satisfaction, housing insecurity, and a sense of homeownership, while public leases were affected by housing type, years of construction, housing satisfaction, housing insecurity, and a sense of homeownership.

• Land and Housing Review
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• v.13 no.1
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• pp.11-22
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• 2022

This paper estimates the demand of newly married couples for public rental housing in Chungnam. This research attempts to overcome data limitations by linking survey data with administrative data for analysis. First, the results of a binary logit model that analyzes newly married couples' intention to move into public rental housing, based on the Chungnam Social Survey 2019, reveal that residential location, educational level, housing type, and tenure type have a statistically significant effect. By combining the estimated coefficients with another dataset, the statistics of newly married couples for administration purposes acquired from Statistics Korea, this research estimates the demand for public rental housing among the newly married couples in Chungnam. The estimation results show that the total demand for public rental housing in Chungnam is 11,424 units among 43,705 newly married couples. The total demand of 21,685 newly married couples who occupy rental housing is estimated to be 9,436 units. The policy for providing public rental housing to newly married couples in Chungnam aims to increase their fertility rates. Hence, further research should be followed up to evaluate the effect of the supply of public rental housing on fertility rates. Also, a research method should be developed to control for possible endogeneity between the demand for public rental housing and childbirths.

• Land and Housing Review
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• v.15 no.1
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• pp.23-38
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• 2024

This study examined the residential environment of public rental housing by type at a microscale, using ANOVA and multinominal logistic models, based on the minimum and specific housing standards. The key findings are as follows. First, it was confirmed that each type of public rental housing, as well as resident characteristics, varied in meeting the minimum and specific housing standards. Second, Happy House turned out to have the worst residential environments, as a high proportion of this type did not meet the minimum housing standard and the remaining specific standards, excluding facility standards. Third, among permanent rental, national rental, and purchase/jeonse rental housing types, permanent rental housing was poor by the minimum housing standards, and area and room standards, while purchase and jeonse rental housing types showed a high proportion of failure to meet structural, performance, and environmental standards. Fourth, it was confirmed that purchase/jeonse rentals had higher rental anxiety than other types of public rental housing. In particular, anxiety about rent increases and the loss of deposits was high. These findings suggest that public efforts are called for to improve the residential environment through tailored support, depending on the type of public rental housing.

• Korean Journal of Construction Engineering and Management
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• v.18 no.3
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• pp.74-83
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• 2017

The recently introduced public rental housing REITs was just different the business structure from the existing public rental housing system and the basic supply system is the same. So the ownership conversion for public house over 10 years rental duration is possible after half of the obligated rental duration according to the agreement between lessor and lessee. However rental business operators are likely to have a negative attitude to the early ownership conversion because of less expected profit. Thus, there is a need for an analysis of proper early ownership conversion moment that can achieve public purposes while ensuring the profitability of public rental housing REITs. In this study, the characteristics of the ownership conversion rights that can lessee to exercise considered to be options. Also the nature of 'REITs', 'public rental housing REITs' is considered to be affected by the macroeconomic variables. Thus, this study analyzed the value for ownership conversion in the public rental housing REITs according to real option scenarios reflecting macroeconomic variables. As a result, according to the change of the variation rate of the macroeconomic variables, it was found that with adjustable early ownership conversion time using the DCF(Discounted Cash Flow) model. Therefore, it is possible to ensure profitability of early ownership conversion by predicting the variation of variables.

• Korean Journal of Construction Engineering and Management
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• v.23 no.5
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• pp.108-116
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• 2022

Started in 1989 as Public Permanent Rental Housing scheme, public rental housing lease policy is increasing target residents and supply in each government by introducing new supply types. However, public housing business entities have difficulties in expanding the supply due to cumulated deficit. The research suggested long-term public rental housing reconstruction business as a method to preserve the cumulated deficit from the previous. Minimum floor area ratio mathematical model was suggested by defining the floor area ratio of reconstruction business as minimum, since housing sales profit after reconstruction could preserve aggregated deficit, and mathematically approached by considering the traits of long-term public rental housing reconstruction. The determinant for minimum floor area ratio mathematical model comprise cumulated deficit of the existing long-term public rental housing, land size of reconstructed sale housing, housing sales price per unit area, and business cost per unit area. Minimum floor area ratio mathematical model is expected to be the milestone for supporting decision making regarding the economic part of old long-term public lease housings' reconstruction scale, and expanding housing supply within urban area.