Research On The Influence And Mechanism Of Income Gap On House Price

The rapid increase in house prices and the widening income gap between the two major social phenomena have seriously affected the smooth operation of our country's social economy.In order to better understand the causal relationship between the income gap and house prices,that is,whether the income gap affects house prices.Many domestic and foreign scholars have conducted some research on the relationship between the two.However,three different conclusions have been obtained.Some scholars believe that the income gap does not have any impact on housing prices.Some scholars believe that the income gap will play a certain role in suppressing the rise in housing prices.However,most scholars have found through empirical analysis that the income gap will,to a certain extent,lead to a rise in house prices.In order to better study the impact of the income gap on house prices.This article,under the premise of combing domestic and foreign relevant papers,adopts an empirical research method,mainly focusing on the influence of income gap on housing prices and the mechanism of the impact.First of all,this article starts with the dual properties of housing,and considers that housing has both consumption attributes and investment attributes,while residents have consumer demand and investment demand for housing.The widening income gap will promote investment demand and curb consumer demand.Changes in these two major demands will affect local housing prices.However,in areas with different levels of economic development,the relationship between housing consumption attributes and investment attributes is unbalanced.Therefore,for regions with different levels of economic development,the impact of the income gap on housing prices should be discussed separately.In the empirical analysis theory,this paper adopts the panel data from 2005 to 2014 of 30 large and medium-sized cities recognized by the National Bureau of Statistics.First of all,based on the verification that wage income is the factor that has the greatest impact on house prices,we selected the wage levels of 30 different industries as samples,calculated the Gini coefficient,and used this index for housing prices in 30 cities.A total sample returned.Second,the total sample was divided into three groups of high school,low school according to the level of economic development,and the same index was used to return the three groups of samples.Finally,the two major factors of economic development level and time were introduced to further analyze.The following conclusions have been drawn: The widening income gap will cause social wealth to inflow into high-income groups and reduce the proportion of wealth of low-and middle-income people.This will promote the investment demand of housing for high-income people,and curb the low-and middleincome groups of people.The consumer demand.Increased investment demand and suppressed consumer demand will have a comprehensive impact on housing prices.On a nationwide scale,there is no obvious demand between the increased investment demand due to the income gap and the reduced consumer demand.Therefore,the income gap has no significant impact on housing prices.In areas with low levels of economic development,the demand for housing by local residents is mainly consumer demand.Therefore,when the income gap widens,the reduced consumer demand of low-income residents is greater than the increased investment demand of high-income residents,thus making the local community Demand for housing has decreased and house prices have been suppressed.In areas with higher levels of economic development,the demand for housing by local residents is mainly investment demand,and when the income gap widens,the increase in investment demand for high-income residents is greater than the reduction in consumption demand for low-income residents,leading to a rise in housing prices.In areas with moderate levels of economic development and development,there is no particular demand that is particularly prominent.Reduced consumer demand is equal to increased investment demand.The income gap has no significant impact on local housing prices.This article also finds that as the economic level rises or time increases,the main demand for housing in a region will gradually change from consumer demand to investment demand,so the income gap will continue to promote the growth of house prices.