소득대비 주택가격 비율(PIR)의 산정방식 및 그 수준에 대한 국제비교

초록

House price to income ratios (PIR) have widely been used, both as an indicator of house price level and as that of affordability to acquire residential property, in different geographical areas or time periods. The current research examines various measurement issues involved with compiling PIRs, and conducts an international comparison of the indicator based on a consistent methodology. Out of our data analyses, we document the following key findings. First, PIR is shown to be highly variant depending on the sample and computational method employed: between 4.2 to 7.1 (9.0 to 17.6) for the whole country (for Seoul) depending on whether average or median for the numerator and denominator, and whether regional or national household income is used. Second, based on the consistent measurement, PIR in Korea (4.4) is higher than that in the U.S. (3.5) and Canada (3.4), but is lower that those in UK (5.2), Australia (6.1), and Hong Kong (11.4). The local-level comparison between Seoul and the major cities in those countries also show that Seoul is about in the middle of the range. As policy implications, we propose a periodic announcement of PIR and other affordability indicators as national statistics.

키워드