Housing market equilibrium achieved when the rate of return from home-ownership equals those of other asset markets which may be regarded as fixed at a given time. This paper derives housing market equilibrium condition with expected capital gain, Jon...
Housing market equilibrium achieved when the rate of return from home-ownership equals those of other asset markets which may be regarded as fixed at a given time. This paper derives housing market equilibrium condition with expected capital gain, Jonsei deposit and house price as its components. Regression analysis of data from Seoul area supports the proposition that there exists a trade off between the amount of Jonsei deposit and of the expected capital gain, which the equilibrium condition implies.