An Empirical Analysis On The Effects Of Demographic Structure Factors On The House Prices In China

To investigate the determinants of housing price is beneficial to maintaining the stable development of real estate industry and macroeconomic industries in China. Though previous studies believe that demographic factors are one of the most important determinants of housing price, most of them focus on the scale of population rather than the structure. Actually, the consuming behaviors of separate individuals are different, which are usually related to their intentions to settle down, their ages and some other factors. The demographic structure factors may influence the housing demand and supply greatly, and the changes of demand and supply will reflect on the changes of housing price. Therefore, it is necessary to look into the relationship between demographic structures and housing price.We make empirical studies on the housing price from the aspects of mobility, sex ratio and age structure on the basis of theoretical and statistical research. It is found that demographic structure factors have significant impacts on housing prices. To be specific, mobility rate and immigrant rate have positive impacts on housing prices. Sex ratio, especially the sex ratio of mobility population have positive impacts on housing prices. Child Dependency Ratio has negative impacts on housing prices while Old-age Dependency Ratio has positive impacts on housing prices.We offer a new angle of view to study the determinants of housing price, and this is an important supplement for relevant studies. Meanwhile, it helps consumers and investors to understand the rules of housing price and to make scientific decisions on housing. It is also beneficial to making reasonable policies for governments, in order to help the industry to develop well.