The purpose of this study is to present the effects of the baby boom generation's rural migration on the real estate market. To efficiently achieve the objective, this study set the spatial resolution to South Korea and limited the data from 2013, whe...
The purpose of this study is to present the effects of the baby boom generation's rural migration on the real estate market. To efficiently achieve the objective, this study set the spatial resolution to South Korea and limited the data from 2013, when the rural migration began in earnest, to the present. The scope of the content was to laying the theoretical foundation for the rural migration of the baby boom generation and suggesting the impact of the baby boom generation's rural migration on the real estate market based on the investigation and analysis results of the baby boom generation's rural migration.
This study used a demographic approach deriving results through a specific age group along with a literature review and the Internet survey method. This study employed descriptive analyses to analyze the obtained data.
First, the analysis results showed that the changes in land price index by year and region fluctuated when the baby boom generation returned to the rural area, indicating that the rural migration of the baby boom generation significantly affected the real estate market. Second, when the disposition of possessed real estate before migrating to the rural areas and the real estate market were compared and analyzed, the Real Estate Consumer Composite Sentiment Index showed the same pattern at the time of the baby boom generation's rural migration, suggesting that the baby boom generation's rural migration significantly influenced the real estate market. Third, when the purchase of farmland after migrating to the rural areas and the real estate market were compared and analyzed, the rural migration status, the Real Estate Consumer Composite Sentiment Index, and land transaction showed the same pattern, implying that the baby boom generation's rural migration had a significant impact on the real estate market. Fourth, when the housing and real estate market after migrating to the rural areas were compared and analyzed, the rural migration status, the Housing Market Consumer Composite Sentiment Index, and housing transactions showed the same pattern, indicating that the baby boom generation's rural migration significantly affected the real estate market.