주택금융연구(Housing Finance Research)

About Housing Finance Research

주택금융연구는 한국주택금융공사의 공식학술지로서 주택금융시장, 주택금융정책, 주택금융상품, 주택금융정보기술 등 주택금융과 관련된 학문분야에서 이론적, 실증적, 정책적인 가치를 지니는 전문적이고 창의적인 연구논문들을 게재함으로써, 연구발표의 장과 학문토론의 기회를 제공하고 아울러 주택금융지식의 축적과 교육에도 기여함을 목적으로 합니다.
Article

Dec 31, 2025

Impact of Expanding Jeonse Loan Guarantees on Jeonse and Housing Sales Prices
전세자금대출 보증 공급 확대의 전세가격 및 주택매매가격 영향 분석

Minjoon Oh, Jinho Seo
오민준, 서진호

Hous. Finance Res. 2025;9(2):5-22.
https://doi.org/10.52344/hfr.2025.9.2.5

The Korea Housing Finance Corporation (HF) expanded its public guarantee supply for jeonse loans substantially in recent years, prompting a growing debate over its spillover effects on both the rental and sales housing markets. This study empirically examines the impact of this expansion on the monthly growth rates of national jeonse and housing sales price indices. Using a seemingly unrelated regression model, we find that an increase in guarantee supply significantly increases both jeonse and sales prices, with a notably stronger effect on th...
Article

Dec 31, 2025

Impact of Changes in Homeownership Perceptions on Housing Finance Demand and House Prices
주택 보유인식의 변화가 주택금융 수요와 주택가격에 미치는 영향에 관한 연구

Hoil Lee
이호일

Hous. Finance Res. 2025;9(2):23-46.
https://doi.org/10.52344/hfr.2025.9.2.23

This study investigates how changes in homeownership perceptions shape desired mortgage borrowing and house prices, and draws policy implications. Using the Korea Housing Finance Corporation’s 2024 Housing Finance and Bogeumjari Loan Survey, we estimated a Tobit two-stage residual inclusion system of simultaneous equations to identify the effects of demographic and economic traits, housing attributes, intentions to use policy loans, and changes in homeownership perceptions on these interrelated demands. The results show that higher desired ho...
Article

Dec 31, 2025

Factors Affecting Defaults on Jeonse Deposit Guarantees: Focusing on the Seoul Metropolitan Area
전세보증금 미반환에 영향을 미치는 주요요인 연구: 수도권지역 전세보증 사고를 중심으로

Sunyoung An, Sangyoub Lee
안선영, 이상엽

Hous. Finance Res. 2025;9(2):47-68.
https://doi.org/10.52344/hfr.2025.9.2.47

The COVID-19 pandemic–induced policy shifts intensified housing price volatility and influenced the rental market, raising concerns about large-scale Jeonse deposit guarantee defaults. Using 453,122 guarantee contracts in the Seoul metropolitan area from 2019 to 2024 and a binary logistic regression model, this study identifies the determinants of such defaults. Results show that landlord characteristics—corporate ownership, multi-homeownership, housing type, price assessment methods, and high debt-to-income ratios—heighten default risks,...
Article

Dec 31, 2025

Analysis on the Direct and Indirect Effects of Housing Price Changes on Birth
주택가격 변동이 출산에 미치는 직·간접 영향 분석

Seok Hee Lee
이석희

Hous. Finance Res. 2025;9(2):69-101.
https://doi.org/10.52344/hfr.2025.9.2.69

This study analyzed the effect of housing prices on childbirth in various ways, and the main achievements of the study are as follows: First, population and marriage variables that were not considered in previous studies had statistically significant effects on childbirth. This means that when marriage, etc., is reflected in the control variable, the effect of housing prices on childbirth can be grasped more precisely. Second, housing prices had a direct effect on childbirth, and the effect was greater on second and third childbirths than on th...
Article

Dec 31, 2025

A Study on the Impact of Debt Service Ratio (DSR) Regulations on the Number of Leasehold Registration Orders
DSR(Debt Service Ratio) 규제가 임차권등기명령 건수에 미치는 영향에 관한 연구

Sung Chan Kim, Joo Han Sung
김성찬, 성주한

Hous. Finance Res. 2025;9(2):103-129.
https://doi.org/10.52344/hfr.2025.9.2.103

This study empirically analyzed the impact of DSR regulations on leasehold registration orders using panel data from 59 cities and counties in the Seoul metropolitan area from January 2020 to April 2025. The analysis found that apartment jeonse prices (negative) and corporate bond yields (positive) had significant effects with a six-month lag, with the reverse jeonse phenomenon showing the strongest positive effect in Incheon. Notably, DSR and stressed DSR regulations significantly increased the number of leasehold registration orders. The impa...
Article

Dec 31, 2025

Analysis of the Post-Sale System Selection Attributes of Private Apartment Developers
민간아파트 공급자의 후분양방식 선택속성 분석

Eunbi Jung, Jeonggyu Kang, Chulmin Jang
정은비, 강정규, 장철민

Hous. Finance Res. 2025;9(2):131-159.
https://doi.org/10.52344/hfr.2025.9.2.131

In South Korea’s private apartment market, the post-sale housing system has been applied only in a limited number of cases compared to the pre-sale model. Nevertheless, the institutional necessity of post-sale systems has been continuously emphasized, particularly in terms of consumer protection and construction quality assurance. However, because of the burdens related to project financing and heightened market risks, post-sale remains a difficult option for suppliers to adopt in practice. Against this backdrop, this study empirically analyz...

CURRENT ISSUE: Dec 2025, Vol. 9 , No. 2

Article Impact of Expanding Jeonse Loan Guarantees on Jeonse and Housing Sales Prices 전세자금대출 보증 공급 확대의 전세가격 및 주택매매가격 영향 분석 Minjoon Oh, Jinho Seo 오민준, 서진호 Hous. Finance Res. 2025;9(2):5-22. https://doi.org/10.52344/hfr.2025.9.2.5 HTML PDF PubReader	Article Impact of Changes in Homeownership Perceptions on Housing Finance Demand and House Prices 주택 보유인식의 변화가 주택금융 수요와 주택가격에 미치는 영향에 관한 연구 Hoil Lee 이호일 Hous. Finance Res. 2025;9(2):23-46. https://doi.org/10.52344/hfr.2025.9.2.23 HTML PDF PubReader
Article Factors Affecting Defaults on Jeonse Deposit Guarantees: Focusing on the Seoul Metropolitan Area 전세보증금 미반환에 영향을 미치는 주요요인 연구: 수도권지역 전세보증 사고를 중심으로 Sunyoung An, Sangyoub Lee 안선영, 이상엽 Hous. Finance Res. 2025;9(2):47-68. https://doi.org/10.52344/hfr.2025.9.2.47 HTML PDF PubReader	Article Analysis on the Direct and Indirect Effects of Housing Price Changes on Birth 주택가격 변동이 출산에 미치는 직·간접 영향 분석 Seok Hee Lee 이석희 Hous. Finance Res. 2025;9(2):69-101. https://doi.org/10.52344/hfr.2025.9.2.69 HTML PDF PubReader
Article A Study on the Impact of Debt Service Ratio (DSR) Regulations on the Number of Leasehold Registration Orders DSR(Debt Service Ratio) 규제가 임차권등기명령 건수에 미치는 영향에 관한 연구 Sung Chan Kim, Joo Han Sung 김성찬, 성주한 Hous. Finance Res. 2025;9(2):103-129. https://doi.org/10.52344/hfr.2025.9.2.103 HTML PDF PubReader	Article Analysis of the Post-Sale System Selection Attributes of Private Apartment Developers 민간아파트 공급자의 후분양방식 선택속성 분석 Eunbi Jung, Jeonggyu Kang, Chulmin Jang 정은비, 강정규, 장철민 Hous. Finance Res. 2025;9(2):131-159. https://doi.org/10.52344/hfr.2025.9.2.131 HTML PDF PubReader

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Article Investigating Momentum Effects in Home Prices: Evidence from Transaction-Level Data in South Korea Dong-Jin Pyo Hous. Finance Res. 2025;9(1):59-107. https://doi.org/10.52344/hfr.2025.9.1.59 HTML PDF PubReader Last 3 months views: 6148	Article Policy Changes and Challenges in Response to Low Growth: The Impact of Policy Loan Changes on Newlywed and Multi-Child Households 저성장기 대응 주택 정책의 변화와 과제: 디딤돌 대출 정책의 변화가 신혼 및 다자녀 가구에 미치는 영향을 중심으로 Kang Seok Kim, Jung Eun Park 김강석, 박정은 Hous. Finance Res. 2025;9(1):39-57. https://doi.org/10.52344/hfr.2025.9.1.39 HTML PDF PubReader Last 3 months views: 2664
Article Ratio Study to Evaluate the Performance of the Korean Property Tax System: Vertical Equity of Apartment Assessment Price 부동산가격 공시제도 성과평가를 위한 비율분석: 서울시 아파트 공시가격의 수직적 형평성을 중심으로 Su Yeon Jung 정수연 Hous. Finance Res. 2023;7(1):101-130. https://doi.org/10.52344/hfr.2023.7.1.101 HTML PDF PubReader Last 3 months views: 2663	Article Analysis of Gentrification Risk and Determinants in Polycentric Commercial Districts: Application of Machine Learning-Based Prediction Models and Spatial Analysis Techniques 다핵 상권 젠트리피케이션 위험도 및 결정요인 분석: 머신러닝 기반 예측 모델과 공간분석 기법을 적용하여 Dong Young Lee, Sang Hoon Kang 이동영, 강상훈 Hous. Finance Res. 2025;9(1):159-199. https://doi.org/10.52344/hfr.2025.9.1.159 HTML PDF PubReader Last 3 months views: 2397
Article Identification of Investment Demand in Korea’s Apartment Market with Transaction-Level Data and Its Impact on Apartment Prices 실거래 자료를 활용한 우리나라 아파트 시장의 투자수요 식별 및 아파트 가격의 변동 요인 분석 Seung Hun Lee 이승훈 Hous. Finance Res. 2024;8(1):77-98. https://doi.org/10.52344/hfr.2024.8.1.77 HTML PDF PubReader Last 3 months views: 2202	Article A Study on the Effects of Rental Housing Type on Apartment Sales Price: Focus on Seoul 임대주택 유형이 인근 아파트 매매가격에 미치는 영향: 서울지역을 중심으로 Giyoung Yaung, Hyun Seok Lee 양지영, 이현석 Hous. Finance Res. 2023;7(2):77-96. https://doi.org/10.52344/hfr.2023.7.2.77 HTML PDF PubReader Last 3 months views: 1814
Article A Study on Public Housing Policy for Implementing Social Sustainability: Focused on Affordable Housing in Hawaii, USA 사회적 지속가능성 실현을 위한 임대주택 정책에 관한 연구: 미국 하와이주 저렴주택 사례를 중심으로 Junghwa Kim, Hyun Seok Lee 김정화, 이현석 Hous. Finance Res. 2021;5(2):21-60. https://doi.org/10.52344/hfr.2021.5.2.21 HTML PDF PubReader Last 3 months views: 1761	Article Return Spillover Effects in Apartment Sales, Chonsei, and Monthly Rent Markets 아파트 매매가격, 전세가격 및 월세가격 간의 수익률 전이효과 Daesung Jung 정대성 Hous. Finance Res. 2022;6(2):123-142. https://doi.org/10.52344/hfr.2022.6.2.123 HTML PDF PubReader Last 3 months views: 1666
Article Analysis of Apartment Price Characteristics in Regional Submarkets: Focused on the Suyoung-gu in Busan 지역 하위시장의 아파트 가격 특성 분석: 부산시 수영구 사례를 중심으로 Hyun-Ju Kang, Yo-Myung Kang, Jeong-Yeal Suh 강현주, 강요명, 서정렬 Hous. Finance Res. 2021;5(2):61-86. https://doi.org/10.52344/hfr.2021.5.2.61 HTML PDF PubReader Last 3 months views: 1556	Article Analyzing Impact of Regulatory Policies on Apartment Sales Returns and Spillover Effects 부동산 규제정책과 부동산매매가격 수익률 전이효과에 관한 연구 Daesung Jung 정대성 Hous. Finance Res. 2023;7(2):97-131. https://doi.org/10.52344/hfr.2023.7.2.97 HTML PDF PubReader Last 3 months views: 1470

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Article An Application of XGBoost, LightGBM, CatBoost Algorithms on House Price Appraisal System 기계학습 알고리즘을 이용한 주택가격감정 시스템의 구축 및 평가: XGBoost, LightGBM, CatBoost 알고리즘에 기반하여 Jengei Hong 홍정의 Hous. Finance Res. 2020;4:33-64. https://doi.org/10.52344/hfr.2020.4.0.33 HTML PDF PubReader Cited by 12	Article The Effect of Regulating Purchase Right Resale on Housing Markets: A Theoretical Approach 분양권 전매제한의 효과에 관한 이론적 모형: 주택 거래 유동성에 대한 논의를 중심으로 Jengei Hong 홍정의 Hous. Finance Res. 2022;6(1):55-77. https://doi.org/10.52344/hfr.2022.6.1.55 HTML PDF PubReader Cited by 2
Article An Analysis of Home Ownership by Age Group: Focusing on the Income Effect and Debt Effect 연령대별 주택 점유형태 분석: 소득효과와 부채효과를 중심으로 Seung-Gyu Sim 심승규 Hous. Finance Res. 2022;6(1):5-28. https://doi.org/10.52344/hfr.2022.6.1.5 HTML PDF PubReader Cited by 2	Article Return Spillover Effects in Apartment Sales, Chonsei, and Monthly Rent Markets 아파트 매매가격, 전세가격 및 월세가격 간의 수익률 전이효과 Daesung Jung 정대성 Hous. Finance Res. 2022;6(2):123-142. https://doi.org/10.52344/hfr.2022.6.2.123 HTML PDF PubReader Cited by 2
Article The Analysis of Regional Leading and Lagging Relations on the House Price Change in S. Korea 주택가격 변화의 지역 간 선·후행관계 분석 Han Ik Jang 장한익 Hous. Finance Res. 2023;7(1):25-66. https://doi.org/10.52344/hfr.2023.7.1.25 HTML PDF PubReader Cited by 2	Article Analysis on the Spillover Effect in the Korean Housing Market: With Quantile Spillover Index 한국주택시장에서의 전이효과 분석: 분위별 전이지수 방법 활용 Hee-Un Ko, Sang Hoon Kang 고희운, 강상훈 Hous. Finance Res. 2023;7(1):131-152. https://doi.org/10.52344/hfr.2023.7.1.131 HTML PDF PubReader Cited by 2
Article Analyzing Impact of Regulatory Policies on Apartment Sales Returns and Spillover Effects 부동산 규제정책과 부동산매매가격 수익률 전이효과에 관한 연구 Daesung Jung 정대성 Hous. Finance Res. 2023;7(2):97-131. https://doi.org/10.52344/hfr.2023.7.2.97 HTML PDF PubReader Cited by 2	Article 국내 사회주택 공급현황과 지원정책에 관한 사례연구 임병권 Hous. Finance Res. 2018;2:93-108. https://doi.org/10.52344/hfr.2018.2.0.93 HTML PDF PubReader Cited by 1
Article 수도권과 부산/울산 주택가격 비동조화 현상과 원인 백인걸, 최영상 Hous. Finance Res. 2019;3:99-137. https://doi.org/10.52344/hfr.2019.3.0.99 HTML PDF PubReader Cited by 1	Article A Study on the Apartment Sale Price Decision Model Using Vector Error Correction Model (VECM): Focusing on the Housing Market in Changwon City 벡터오차수정모형(VECM: Vector Error Correction Model)을 이용한 아파트 매매가격 결정모형에 관한 연구: 창원시 주택시장을 중심으로 Joo-han Sung 성주한 Hous. Finance Res. 2021;5(1):27-49. https://doi.org/10.52344/hfr.2021.5.1.27 HTML PDF PubReader Cited by 1

CURRENT ISSUE: Dec 2025, Vol. 9 , No. 2

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2025년 한국연구재단 KCI 등재지 선정