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KMID : 1124020130290030415
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Korean Social Security Studies
2013 Volume.29 No. 3 p.415 ~ p.439
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A Comparison of the Characteristics and the Determinants of Low-, Middle- and High-Income Households focused on Real Estate Factors
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Jeong Woon-young
Jeong Se-Eun
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Abstract
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This paper has the purpose of comparing the socio-demographic, economic and financial characteristics of low-income, middle-income and high-income groups and examining the determinants of indebted households and the amount of debt. We used the 7th Korea Welfare Panel (2012) for this research. While the previous studies failed to detect clearly the differences of the role played by the real estate factor in each group`s debt problem, this study found out the different roles of not only socio-demographic and economic factors but also the real estate factor in the build-up of each group`s debt problem. In the case of low-income class, the household which does not have its own house and lives at a more expensive residence has high probability of becoming indebted. The value of real assets does not have a significant impact. In the case of middle-income class, the ownership of its house, the value of real assets have not a significant impact while the value of residential house has a positive impact like the low-income class. Finally, in the case of high-income class, the ownership of its own house and value of residential house have not a significant impact but the value of real assets has a significantly positive impact on being indebted household. These results implicate that the low-income families tend to have debt in order to pay its residential cost. while the high-income families tend to have debt in order to increase its real assets. And the middle-income families tend to have debt to possess their own house, not to increase actively their real assets.
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KEYWORD
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income classes, indebted household, consumption spending, the value of house, real assets
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