臺灣七大都市地區房價所得比之差異與迷思— 購屋者擁屋數與主觀因素分析Differences and Myths about House Price-to-Income Ratios in Taiwan’s Seven Largest Cities: An Analysis of Buyers’ House Ownership and Subjective Factors
Against the background of soaring house prices in Taiwan, housing affordability has become a focus of concern. This study determines the housing affordability of an individual according to his or her house price-to-income ratio (PIR). The research framework was established using house ownership (i.e., the number of houses owned) as the proxy variable for assets and subjective factors, with a focus on the seven largest cities in Taiwan. Three myths about PIRs are discussed in this study: (1) A high PIR indicates that an individual’s financial ability to buy a house does not solely depend on his or her income, but is instead largely contributed by his or her house ownership (assets). (2) Housing affordability is usually discussed in relation to objective factors; subjective factors from the house buyer’s perspective are often excluded from the equation. (3) A high house price or high PIR means low housing affordability, with the result that the city with the highest house prices (Taipei) should exhibit the lowest housing affordability. This study used the method of ordinary least squares and a quantile regression model to explore the differences among the PIRs in the seven largest cities in Taiwan. According to the empirical results, assets (house ownership) serve as the primary source of finance for buying houses. This investigation into house buyers’ subjective factors is conducive to analyzing their housing affordability, and a high house price or high PIR does not necessarily indicate low housing affordability.
Key words: housing affordability, house-price-to-income ratio, housing stress, house ownership, quantile regression model