Research On The Impact Of Income Ineuality On Housing Affordbility

In recent years,the situation of the income gap between housing and residents has been severe.On the one hand,the income gap is at a relatively high level,on the other hand,high housing prices and high housing burden pressure on residents.Therefore,discussing the housing burden of residents from the perspective of income distribution is of great significance for improving the welfare of residents,and is also a concrete manifestation of the shared development concept and common prosperity goal.Based on theoretical analysis,this paper selects 28 prefecture-level city data to construct empirical samples,and uses fixed-effect model and GMM model for empirical testing to clarify the effect and path of income gap affecting residents’ housing affordability.Theoretical analysis shows that housing has the dual attributes of consumption and investment.The income gap affects the housing affordability of middle-income residents by reducing the median income and pushing up housing prices.Among them,the effect of the income gap on housing prices starts from the three levels of savings rate,housing demand and housing supply;from the demand side,the expansion of the income gap stimulates the investment demand(investment effect)of high-income groups,which ultimately pushes up housing prices,Increasing the housing burden of low-and middle-income residents;from the supply side,only middle-and high-income groups’ demand for housing can constitute a potential effective demand,causing real estate development companies to focus on such groups,resulting in low-income groups being squeezed out Outside the housing property market(the phenomenon of "chasing high and chasing low"),the resulting changes in housing prices will weaken the average housing affordability of residents.The empirical results show that:(1)the widening income gap will lead to weaker housing affordability for middle-income residents;(2)this induced effect has different effects on the housing property market and the rental market.For every 1% increase in the income gap,the housing property market The housing affordability of residents will be weakened by 1.42%-2.4%,and the rental market will be weakened by about 0.31%-0.37%;(3)There is regional heterogeneity in the impact of income gap on the housing affordability of residents.For the housing property market,the impact of the eastern cities is significant Larger than non-eastern cities;the rental market has a significant weakening effect in non-eastern cities,while the performance of eastern cities is not significant.(4)From the perspective of the impact path,the income gap has a significant positive impact on both housing prices and per capita disposable income,but from the perspective of impact effects,the marginal impact of the income gap on housing prices is three times the marginal impact on income.Therefore,the income gap leads to increased housing affordability of residents,mainly through the rapid rise in housing prices,which offsets the impact of the increase in per capita disposable income of residents.Finally,put forward policy recommendations: first,strengthen the main role of distribution according to work and avoid excessive concentration of income distribution to asset distribution;second,implement policies and ensure effective implementation and supervision of policies in accordance with local conditions,and increase housing ownership costs;third,enrich residents Investment channels;fourth,provide green channels for processing vacant housing,increase the supply of affordable housing,and avoid wasting resources.