전세자금 대출 수요 결정요인 분석 = An Analysis of Determinants of Demand for Chonsei Deposit Loans

다국어 초록 (Multilingual Abstract)

This study empirically examines the determinants of households’ demand for Chonsei deposit loans under the Chonsei rental contract system in Korea. Using pooled data from the Korean Housing Survey between 2016 and 2023, a two-step Tobit model is employed to address the potential endogeneity of the Chonsei deposit amount in estimating Chonsei deposit loan demand.
The estimation results show that households’ economic conditions, such as income and net wealth, as well as financial market conditions, including the Chonsei deposit loan interest rate, significantly affect their Chonsei deposit loan decisions. Demographic characteristics are also found to be important. In particular, newly married households tend to borrow larger amounts, reflecting their stage of household formation and the need to allocate economic resources to other purposes such as childbirth and child education.
Further analysis reveals substantial heterogeneity in Chonsei deposit loan demand across income groups. Compared to higher-income households, lower-income households’ loan demand is more sensitive to changes in income and net wealth, but less sensitive to changes in the loan interest rate. These findings suggest that wealth and income constraints play a more binding role for lower-income households, limiting their responsiveness to price-based adjustments. As a result, continued policy support aimed at improving access to Chonsei deposit loans—particularly through targeted, preferential loan programs—remains important for enhancing housing affordability among lower-income tenants.