An Empirical Study On The Impact Of Housing Accumulation Fund On The Consumption Behavior Of Urban Households

With the continuous advancement of industrialization and urbanization in our country,the urban population becomes highly concentrated,the same as the demands for urban land and housing supply comes more and more huge,all above promote the rise of land and housing prices.The purchasing power of China's urban residents especially the low-income groups is deficiency.The "Home Ownership Scheme" is becoming increasingly difficult to achieve.As an important component of China's housing security system,the housing accumulation fund system mainly helps urban workers solve housing problems and improve housing conditions.However,some studies pointed out the uneven development of China's housing provident fund system,and the different support for different income groups.It is worth exploring that whether this system can provide effective support for urban household housing consumption,whether it can prvide support for speculative buying in housing market,and whether there is reverse subsidy which widens the housing wealth gap.This paper selects data from the Chinese family financial survey in 2013 and uses the probit model and tobit model to study the impact of housing accumulation funds on the housing consumption behavior of urban households in China.It examines The impact of the state of housing accumulation funds and the amount of housing accumulation funds held by urban households.on housing behaviors,the value of holding housing,and the behavior of rented housing.It also explores whether there is heterogeneity in the impact of housing accumulation fund's deposits on different income families.This Research indicates that paying for housing provident fund can help urban families hold housing,obtain higher-value housing,improve the capability of housing consumes and living conditions,and also protect the residential rights of urban residents.The size of the housing accumulation fund will affect the behavior of urban family housing consumption,that is,the family with a high amount of housing accumulation fund will have a higher probability of holding a housing and a higher value of the housing.Whether to deposit housing provident fund has no significant effect on the housing rental behavior.However,for the families with high housing accumulation fund,there is a higher probability of housing rental and more motivation to housing investment.Second,there is heterogeneity in the existence of housing accumulation fund for households with different incomes.Whether the housing accumulation fund is paid or not has no significant impact on the housing choices of low-income and middle-income families,but it has a significant impact on high-income families.