주택도시금융연구(Journal of Housing and Urban Finance)

About Journal of Housing and Urban Finance

한국연구재단 등재학술지 주택도시금융연구는 주택도시보증공사가 발간하는 학술지로, 주택·도시·금융 분야 연구 활성화와 정책 아이디어 개발을 목적으로 2016년 창간하여 연 2회(6월 30일/12월 31일) 발간하고 있습니다. 연구논문 투고자는 주택도시보증공사의 연구윤리기준을 준수해야 하고, 타 학술지에 게재 혹은 출판된 적이 없는 논문이어야 하며, 타 학술지에 투고하여 심사 중인 논문은 미게재 확정 후 본 학술지에 투고할 수 있습니다. 주택도시금융연구에 게재된 연구논문 투고자에게는 소정의 연구지원금이 지급됩니다.
About Korea Housing & Urban Guarantee Corporation

주택도시보증공사는 주거복지 증진과 도시재생활성화를 지원하기 위한 각종 보증업무 및 정책사업을 수행합니다. 주택도시기금의 효율적인 운용 및 관리를 통해 경영혁신을 이루고 한 발 앞선 주거정책시행으로 서민주거안정을 이끌어 나가며, 주택에서 도시까지 국민의 더 나은 삶을 책임지는 전문 공기업입니다. 주택도시보증공사는 주거복지 증진과 도시재생 활성화를 지원하기 위한 각종 보증업무 및 정책사업 수행과 주택도시기금을 효율적으로 운용·관리함으로써 국민의 삶의 질 향상에 이바지하기 위해 설립되었습니다. 지난 30여년간 국내 유일의 주택보증 전문기관으로서 보증공급을 통해 국민 주거안정 실현에 기여하였습니다. 세계적으로 인정받는 분양보증제도를 토대로 주택사업 전 단계에 걸친 보증상품을 운영함으로써 주택사업자의 원활한 사업추진과 주택금융시장의 안정에 기여하고, 정부의 정책목표 달성을 뒷받침하고 있습니다.
Article

Jun 30, 2025

Cyclical risk patterns in real-estate development projects and implications to construction economy
경기상태별 부동산 개발사업의 사고율 특성과 건설․부동산 경제에 미치는 영향 분석

Kab Jin Kim
김갑진

J. Hous. Urban Finance 2025;10(1):5-30.
https://doi.org/10.38100/jhuf.2025.10.1.5

This study empirically examines the difference in the failure rates of real-estate development projects across economic phases and assesses its dynamic effect on construction and real-estate economic activities. Using data from more than 510,000 contract guarantees issued between 2015 and 2024 by the Korea Construction Guarantee, this study classifies projects into public works, general private projects, and real-estate developments. Results show that development projects exhibit average failure rates that are five to seven times higher than th...
Article

Jun 30, 2025

Analysis of factors affecting satisfaction of home mortgage loan users: Focusing on the moderating effect of total debt
주택담보대출 이용자 만족도 요인 분석: 총부채의 조절 효과 중심으로

Gyungeui Lee, Chan Wook Park, Heuiju Chun
이경의, 박찬욱, 전희주

J. Hous. Urban Finance 2025;10(1):31-57.
https://doi.org/10.38100/jhuf.2025.10.1.31

This study is based on the 2022 Housing Finance Corporation’s “housing Finance and home mortgage loan status survey.” Factors influencing mortgage borrowers’ satisfaction were analyzed using a proportional odds logistic model with moderating variables. The analysis of 836 households revealed that the key factors significantly affecting mortgage borrowers’ satisfaction were loan maturity, monthly repayment amount, loan amount, occupation of the household head, interest rate type, method of housing acquisition, total debt, and region (i...
Article

Jun 30, 2025

A study on domestic REIT financing methods: Focusing on the cases of Korean paid-in capital increase and U.S. redeemable convertible preferred stocks
국내 리츠 자금조달 방안에 관한 연구: 한국 유상증자와 미국 상환전환우선주 사례를 중심으로

Hyeon Joong Kim, Hee Hyoung Jung, Sang Youn Roh
김현중, 정희형, 노상윤

J. Hous. Urban Finance 2025;10(1):59-97.
https://doi.org/10.38100/jhuf.2025.10.1.59

This study explores the introduction of RCPS (redeemable convertible preferred stocks) as an alternative financing tool to address the capital-raising challenges faced by listed REITs (real estate investment trusts) in Korea. Traditional rights offerings have shown structural limitations such as reduced investor confidence, stock price declines, and equity dilution. To derive practical insights, this study analyzes RCPS issuance cases in the U.S., including Alexandria and Digital Realty, confirming that the RCPS enhances investor appeal and sup...
Article

Jun 30, 2025

Determinants of young people’s movement between regions and housing movement
청년층의 지역 간 이동과 주거이동 결정요인 분석

Kwanghoon Hwang
황광훈

J. Hous. Urban Finance 2025;10(1):99-133.
https://doi.org/10.38100/jhuf.2025.10.1.99

This study examined the interregional population movement patterns of young people using data from the YP2007 (youth panel 2007) and empirically analyzed the factors influencing residential mobility. Over the past 10 years, the metropolitan area experienced a larger population inflow than outflow compared to other regions, such as the central region, Honam, and Yeongnam. Conversely, the outflow-to-inflow ratio was relatively high in the Honam and Yeongnam regions. In the central region, population inflow slightly exceeded outflow. Overall, the ...
Article

Jun 30, 2025

Age-friendly determinants and spatial dynamics of residential mobility among the pre-elderly in non-metropolitan regions
비수도권 예비 고령층 주거 이동에 영향을 미치는 고령친화 요인 및 공간적 특성

Goun Kim, Wonseok Seo
김고운, 서원석

J. Hous. Urban Finance 2025;10(1):135-157.
https://doi.org/10.38100/jhuf.2025.10.1.135

This study empirically analyzed age-friendly factors and their spatial characteristics that influence the residential mobility of pre-elderly individuals (aged 50–64 years) across 163 non-metropolitan regions in South Korea. The analytical framework was grounded in the WHO’s Age-Friendly Cities and Communities guidelines, and a spatial lag model was employed to examine the research objective in depth. The results identified healthcare, housing, safety, and economic conditions as the key determinants significantly affecting the residential m...
Article

Jun 30, 2025

Analyzing spatial equity in access to social overhead capital (SOC) by income group: Case study of Busan, South Korea
소득계층 간 생활SOC 접근성의 공간적 형평성 분석: 부산시를 중심으로

Heejoo Son, Yeol Choi
손희주, 최열

J. Hous. Urban Finance 2025;10(1):159-175.
https://doi.org/10.38100/jhuf.2025.10.1.159

This study examines the effect of social overhead capital (SOC) on housing value and empirically evaluates the differences in residential availability and SOC accessibility across income groups. A spatial regression model is applied to 2,851 apartment-containing census tracts in Busan, South Korea. The results show that proximity to daycare centers, basic medical facilities, sports facilities, and large retail stores positively affect housing prices, whereas the presence of welfare facilities for the elderly exerts a negative effect. Using the ...
Article

Jun 30, 2025

The negative effects of incomplete and abandoned buildings on nearby home prices
방치건물의 인근 주택가격에 대한 영향

Sung Hyo Hong, Jun-hong Im
홍성효, 임준홍

J. Hous. Urban Finance 2025;10(1):177-193.
https://doi.org/10.38100/jhuf.2025.10.1.177

This study empirically analyzes the negative impact of incomplete and abandoned buildings on nearby home prices in Cheonan, South Korea. The difference-in-differences estimation method is applied leveraging unique geographic characteristics as an identification strategy. Houses near abandoned buildings are categorized into two groups separated by a railroad 128m wide, a distance sufficient to prevent movement between the two areas. Despite their physical proximity, the real estate markets in these areas likely experience similar economic trends...

CURRENT ISSUE: Jun 2025, Vol. 10 , No. 1

Article Cyclical risk patterns in real-estate development projects and implications to construction economy 경기상태별 부동산 개발사업의 사고율 특성과 건설․부동산 경제에 미치는 영향 분석 Kab Jin Kim 김갑진 J. Hous. Urban Finance 2025;10(1):5-30. https://doi.org/10.38100/jhuf.2025.10.1.5 HTML PDF PubReader	Article Analysis of factors affecting satisfaction of home mortgage loan users: Focusing on the moderating effect of total debt 주택담보대출 이용자 만족도 요인 분석: 총부채의 조절 효과 중심으로 Gyungeui Lee, Chan Wook Park, Heuiju Chun 이경의, 박찬욱, 전희주 J. Hous. Urban Finance 2025;10(1):31-57. https://doi.org/10.38100/jhuf.2025.10.1.31 HTML PDF PubReader
Article A study on domestic REIT financing methods: Focusing on the cases of Korean paid-in capital increase and U.S. redeemable convertible preferred stocks 국내 리츠 자금조달 방안에 관한 연구: 한국 유상증자와 미국 상환전환우선주 사례를 중심으로 Hyeon Joong Kim, Hee Hyoung Jung, Sang Youn Roh 김현중, 정희형, 노상윤 J. Hous. Urban Finance 2025;10(1):59-97. https://doi.org/10.38100/jhuf.2025.10.1.59 HTML PDF PubReader	Article Determinants of young people’s movement between regions and housing movement 청년층의 지역 간 이동과 주거이동 결정요인 분석 Kwanghoon Hwang 황광훈 J. Hous. Urban Finance 2025;10(1):99-133. https://doi.org/10.38100/jhuf.2025.10.1.99 HTML PDF PubReader
Article Age-friendly determinants and spatial dynamics of residential mobility among the pre-elderly in non-metropolitan regions 비수도권 예비 고령층 주거 이동에 영향을 미치는 고령친화 요인 및 공간적 특성 Goun Kim, Wonseok Seo 김고운, 서원석 J. Hous. Urban Finance 2025;10(1):135-157. https://doi.org/10.38100/jhuf.2025.10.1.135 HTML PDF PubReader	Article Analyzing spatial equity in access to social overhead capital (SOC) by income group: Case study of Busan, South Korea 소득계층 간 생활SOC 접근성의 공간적 형평성 분석: 부산시를 중심으로 Heejoo Son, Yeol Choi 손희주, 최열 J. Hous. Urban Finance 2025;10(1):159-175. https://doi.org/10.38100/jhuf.2025.10.1.159 HTML PDF PubReader
Article The negative effects of incomplete and abandoned buildings on nearby home prices 방치건물의 인근 주택가격에 대한 영향 Sung Hyo Hong, Jun-hong Im 홍성효, 임준홍 J. Hous. Urban Finance 2025;10(1):177-193. https://doi.org/10.38100/jhuf.2025.10.1.177 HTML PDF PubReader

MOST READ ARTICLE

Article A study on the characteristics of Price-to-Income Ratio (PIR) change among Seoul’s apartments by district 서울시 자치구별 아파트 Price-to-Income Ratio(PIR) 변동 특성에 관한 연구 Jin Woong Kwon, Nam Jung Kim 권진웅, 김남정 J. Hous. Urban Finance 2020;5(2):35-52. https://doi.org/10.38100/jhuf.2020.5.2.55 HTML PDF PubReader Last 3 months views: 2564	Article A Study on the Difference of Housing Price by Region 지역별 주택가격의 격차에 관한 연구 : 회귀분석과 인공신경망 활용 Young Gil Chang, Joo Yeon Yoo 장영길, 유주연 J. Hous. Urban Finance 2019;4(2):51-78. https://doi.org/10.38100/jhuf.2019.4.2.51 HTML PDF PubReader Last 3 months views: 1850
Article The relationship between urban parks and demographic-sociological factors: focusing on spatial regression analysis 도시공원과 인구·사회학적 요인 간의 관계 연구: 공간회귀분석을 중심으로 Hye-Lim Park 박혜림 J. Hous. Urban Finance 2024;9(1):49-68. https://doi.org/10.38100/jhuf.2024.9.1.49 HTML PDF PubReader Last 3 months views: 1645	Article Analysis of the determinants concerning the residential environment of urban youth:Focusing on six major metropolitan cities 도시거주 청년층의 주거환경 결정요인 분석:6대 광역시를 중심으로 Kwanghoon Hwang 황광훈 J. Hous. Urban Finance 2023;8(2):77-98. https://doi.org/10.38100/jhuf.2023.8.2.77 HTML PDF PubReader Last 3 months views: 1547
Article Determinants on the later life move of old age 고령가구의 노년기 주거이동 요인 분석 Juyoung Kim 김주영 J. Hous. Urban Finance 2023;8(2):121-138. https://doi.org/10.38100/jhuf.2023.8.2.121 HTML PDF PubReader Last 3 months views: 1281	Article An analysis of the economic effects of the leading urban regeneration area in Gunsan: Focusing on revenue by business type^* 군산시 도새재생선도지역의 경제적 효과 분석: 업종별 매출액을 중심으로^* Hyun-Tae Joo, Sam-Su Lee 주현태, 이삼수 J. Hous. Urban Finance 2020;5(2):85-101. https://doi.org/10.38100/jhuf.2020.5.2.105 HTML PDF PubReader Last 3 months views: 1163
Article Implication on service combined housing policy for old age of foreign 고령자 서비스결합주택 공급의 해외사례와 시사점 Ju Young Kim 김주영 J. Hous. Urban Finance 2022;7(1):49-64. https://doi.org/10.38100/jhuf.2022.7.1.49 HTML PDF PubReader Last 3 months views: 1060	Article A study on the distribution characteristics of short-term rental accommodation by housing type 공유숙박업의 주택유형별 분포특성에 관한 연구 Sungje Jeon, Chungyu Park 전성제, 박천규 J. Hous. Urban Finance 2021;6(1):39-56. https://doi.org/10.38100/jhuf.2021.6.1.39 HTML PDF PubReader Last 3 months views: 1044
Article The Determinants of Housing Choices: Focusing on Young and Elderly Group 주거유형의 선택결정 요인 이해: 청년층과 고령층을 중심으로 In Ho Song 송인호 J. Hous. Urban Finance 2018;3(2):5-25. https://doi.org/10.38100/jhuf.2018.3.2.5 HTML PDF PubReader Last 3 months views: 999	Article A Study on the Factors Affecting Preferable Living Area and Preferable Housing Types after Retirement by Age -For the employees of 00 Bank- 연령별 은퇴 후 선호하는 주거생활권과 주택유형에 미치는 요인에 대한 연구 - 00은행 전국지점 직원을 대상으로 - Youn young Choi, Ji hyun Kim 최윤영, 김지현 J. Hous. Urban Finance 2018;3(2):27-52. https://doi.org/10.38100/jhuf.2018.3.2.27 HTML PDF PubReader Last 3 months views: 971

MOST CITED ARTICLE

Article Comparative analysis of housing and stock prices using a regime switching model 국면전환모형을 이용한 주택가격과 주가의 시계열 특성 비교 Youngsoo Lee 이영수 J. Hous. Urban Finance 2020;5(1):5-22. https://doi.org/10.38100/jhuf.2020.5.1.5 HTML PDF PubReader Cited by 4	Article The Determinants of Housing Choices: Focusing on Young and Elderly Group 주거유형의 선택결정 요인 이해: 청년층과 고령층을 중심으로 In Ho Song 송인호 J. Hous. Urban Finance 2018;3(2):5-25. https://doi.org/10.38100/jhuf.2018.3.2.5 HTML PDF PubReader Cited by 2
Article The Effects of Neighborhood Environment on Social Trust - Focused on Seoul - 근린환경이 사회적 신뢰에 미치는 영향에 관한 연구 - 서울특별시를 중심으로 - Seung Hyun Ha 하승현 J. Hous. Urban Finance 2018;3(2):53-84. https://doi.org/10.38100/jhuf.2018.3.2.53 HTML PDF PubReader Cited by 2	Article An Analysis on the Effects of Macroeconomic Variables on Guarantee Accidents 거시경제변수가 보증사고에 미치는 영향 분석 Eun Mi Kim, Si-Eon Kim 김은미, 김시언 J. Hous. Urban Finance 2019;4(1):51-82. https://doi.org/10.38100/jhuf.2019.4.1.51 HTML PDF PubReader Cited by 2
Article A study on the characteristics of Price-to-Income Ratio (PIR) change among Seoul’s apartments by district 서울시 자치구별 아파트 Price-to-Income Ratio(PIR) 변동 특성에 관한 연구 Jin Woong Kwon, Nam Jung Kim 권진웅, 김남정 J. Hous. Urban Finance 2020;5(2):35-52. https://doi.org/10.38100/jhuf.2020.5.2.55 HTML PDF PubReader Cited by 2	Article Interest rate and housing market: MS-VAR approach 이자율 변동과 주택시장: Markov-switching vector autoregressive 분석 Youngsoo Lee 이영수 J. Hous. Urban Finance 2021;6(1):5-22. https://doi.org/10.38100/jhuf.2021.6.1.5 HTML PDF PubReader Cited by 2
Article A study on the urban development plan for the change of urban structure in local small and medium-sized cities 지방 중소도시 도시구조 변화에 따른 도시발전 연구 Jung-Geun Ahn, Yunsok Ko, Dong-Geun Kim 안정근, 고윤석, 김동근 J. Hous. Urban Finance 2021;6(1):23-37. https://doi.org/10.38100/jhuf.2021.6.1.23 HTML PDF PubReader Cited by 2	Article A study on the virtuous cycle structure between real estate income and aseets 부동산 소득과 부동산 자산 간 선순환 구조에 관한 연구 Daehwan Kim 김대환 J. Hous. Urban Finance 2021;6(2):5-21. https://doi.org/10.38100/jhuf.2021.6.2.5 HTML PDF PubReader Cited by 2
Article Risk and Return in the Ulsan Housing Market 울산 아파트 시장의 수익률-위험 분석 이영수, 심소임 J. Hous. Urban Finance 2016;1(1):61-84. https://doi.org/10.38100/jhuf.2016.1.1.61 HTML PDF PubReader Cited by 2	Article COFIX rate and mortgage rate: Interest-rate pass-through COFIX 금리와 주택담보대출금리: 비대칭적 이자율 pass-through Youngsoo Lee 이영수 J. Hous. Urban Finance 2022;7(2):63-80. https://doi.org/10.38100/jhuf.2022.7.2.63 HTML PDF PubReader Cited by 2