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

Jun 30, 2026

Analyzing Housing Pension Policy Discourse Using Structural Topic Models: Topic Dynamics and Media-Type Framing Differences in News Coverage, 2007–2026
구조적 토픽모형(Structural Topic Model)을 활용한 주택연금 정책담론 분석: 2007~2026년 뉴스 보도의 토픽 변동과 매체별 프레이밍 차이

Seung-hyung Lee
이승형

Hous. Finance Res. 2026;10(1):5-33.
https://doi.org/10.52344/hfr.2026.10.1.5

This study analyzes the long-term trajectory and differentiation of Korean housing pension (reverse mortgage) policy discourse using Structural Topic Modeling (STM). From 12,799 housing pension–related news articles collected from BIGKinds (July 2007–March 2026), a 12-topic solution was adopted after SimHash near-duplicate removal. The discourse centered on policy and household debt (13.4%), asset management and retirement planning (11.9%), and enrollment statistics (10.1%). Period-specific (time-smoothed) comparisons showed enrollment stat...
Article

Jun 30, 2026

The Relationship between Repayment Burden and Additional Debt in Households
주택시장에서 가구의 차입금 상환부담과 추가적인 부채의 관계에 대한 연구

Jong-Hee Kim
김종희

Hous. Finance Res. 2026;10(1):35-60.
https://doi.org/10.52344/hfr.2026.10.1.35

This study analyzes the impact of excessive loans on the relationship between repayment burden and additional debt in households by focusing on marginal loans in the housing market. The following conclusions are drawn from the results of the empirical analysis. First, the rising interest rate decreases the incentive for households to borrow, except for the young households, despite rising rates. Second, the additional debt, which implies unexplainable debt from households’ permanent income leads to an increase in the repayment burden, and thi...
Article

Jun 30, 2026

A Tree Ensemble Approach to Estimating Census-Level House Price Distributions
트리 앙상블 기반 자동산정모형을 이용한 재고 주택가격 분포 관측: 전국 아파트 단지 전수 자료의 시계열 분석

Jengei Hong
홍정의

Hous. Finance Res. 2026;10(1):61-132.
https://doi.org/10.52344/hfr.2026.10.1.61

The sample includes 6,118,730 apartment transactions from March 2012 to April 2024 and complex- and floor-plan-level information on 12,517,131 housing units nationwide (99.1% of all apartment units in the Population and Housing Census). The study estimates quarterly prices for virtually the entire apartment stock in Korea. From these estimates, regional average prices, price distributions, and the price-to-income ratio (PIR) are derived. Our estimates show that average apartment prices rose more rapidly than the official housing price index dur...
Article

Jun 30, 2026

Apartment Transaction Volume and Price Volatility: Construction and Application of a Transaction-Volume-Based Price Uncertainty Index
아파트 거래량과 가격 변동성의 관계: 거래량 기반 가격 불확실성 지수의 구축과 활용

Chunil Kim
김천일

Hous. Finance Res. 2026;10(1):133-164.
https://doi.org/10.52344/hfr.2026.10.1.133

Observed housing price volatility comprises both fundamental value changes and sampling noise arising from transaction scarcity; however, conventional indicators fail to distinguish between these two components. This study aimed to addresss this problem by constructing a novel transaction- volume-based price uncertainty index (PUI), defined as the rolling standard deviation of hedonic model residuals divided by the square root of the number of transactions. Using apartment transaction records and building registry data, a quarterly panel of 93 ...
Article

Jun 30, 2026

The Paradox of Housing Finance Policy and the Broken Housing Ladder: Application of a Markov Chain Model and Structural Transition Sensitivity Analysis
주거 점유 형태 전이 행렬을 통해 본 주거 사다리의 분절 현상 분석

Kyongchae Jung, Jung Eun Park
정경채, 박정은

Hous. Finance Res. 2026;10(1):165-194.
https://doi.org/10.52344/hfr.2026.10.1.165

본 연구는 최근 5년간의 주택금융 및 보금자리론 실태조사 데이터를 활용하여 마르코프 연쇄(Markov chain) 기반 전이 행렬 모델을 이용해 한국 주거 사다리의 구조적 변동과 비대칭성을 분석하였다. 실증 분석 결과, 지난 5년간 주택 시장의 기저 이동 질서가 급격히 재편(Frobenius norm 0.5877)됨에 따라 주거 사다리의 상하위 계층 간 이동 속도 격차가 심화된 것으로 나타났다. 특히 상위 구간(전세→자가)의 주거 상향 시간...

CURRENT ISSUE: Jun 2026, Vol. 10 , No. 1

Article Analyzing Housing Pension Policy Discourse Using Structural Topic Models: Topic Dynamics and Media-Type Framing Differences in News Coverage, 2007–2026 구조적 토픽모형(Structural Topic Model)을 활용한 주택연금 정책담론 분석: 2007~2026년 뉴스 보도의 토픽 변동과 매체별 프레이밍 차이 Seung-hyung Lee 이승형 Hous. Finance Res. 2026;10(1):5-33. https://doi.org/10.52344/hfr.2026.10.1.5 HTML PDF PubReader	Article The Relationship between Repayment Burden and Additional Debt in Households 주택시장에서 가구의 차입금 상환부담과 추가적인 부채의 관계에 대한 연구 Jong-Hee Kim 김종희 Hous. Finance Res. 2026;10(1):35-60. https://doi.org/10.52344/hfr.2026.10.1.35 HTML PDF PubReader
Article A Tree Ensemble Approach to Estimating Census-Level House Price Distributions 트리 앙상블 기반 자동산정모형을 이용한 재고 주택가격 분포 관측: 전국 아파트 단지 전수 자료의 시계열 분석 Jengei Hong 홍정의 Hous. Finance Res. 2026;10(1):61-132. https://doi.org/10.52344/hfr.2026.10.1.61 HTML PDF PubReader	Article Apartment Transaction Volume and Price Volatility: Construction and Application of a Transaction-Volume-Based Price Uncertainty Index 아파트 거래량과 가격 변동성의 관계: 거래량 기반 가격 불확실성 지수의 구축과 활용 Chunil Kim 김천일 Hous. Finance Res. 2026;10(1):133-164. https://doi.org/10.52344/hfr.2026.10.1.133 HTML PDF PubReader
Article The Paradox of Housing Finance Policy and the Broken Housing Ladder: Application of a Markov Chain Model and Structural Transition Sensitivity Analysis 주거 점유 형태 전이 행렬을 통해 본 주거 사다리의 분절 현상 분석 Kyongchae Jung, Jung Eun Park 정경채, 박정은 Hous. Finance Res. 2026;10(1):165-194. https://doi.org/10.52344/hfr.2026.10.1.165 HTML PDF PubReader

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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: 15480	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 Last 3 months views: 5508
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: 4099	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: 3470
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: 3100	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 Last 3 months views: 3018
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 Last 3 months views: 2804	Article Causal Relationship Between the Number of KTX Users, Population, and Housing Market: Focusing on Small- and Medium-Sized Cities on the Gangneung and Jungang Lines KTX 이용객수, 인구, 주택시장 간 상호 영향분석: 강릉·중앙선 중소도시 중심으로 Yong Rae Kim 김용래 Hous. Finance Res. 2024;8(2):177-197. https://doi.org/10.52344/hfr.2024.8.2.177 HTML PDF PubReader Last 3 months views: 2581
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: 2335	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 Last 3 months views: 2107

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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 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 4
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 3	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 3
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 Cited by 3	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 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 The Impact of Residential Environmental Satisfaction on Intention to Move 주거환경만족도가 이주의향에 미치는 영향 Sung Hyo Hong, Jun-hong Im 홍성효, 임준홍 Hous. Finance Res. 2023;7(2):133-153. https://doi.org/10.52344/hfr.2023.7.2.133 HTML PDF PubReader Cited by 2	Article Factors Affecting the Volume of Unsold Housing by Period using Vector Error Correction Model (VECM) 벡터오차수정모형을 이용한 시기별 미분양주택 영향요인 분석 Giyoung Yaung 양지영 Hous. Finance Res. 2024;8(1):99-131. https://doi.org/10.52344/hfr.2024.8.1.99 HTML PDF PubReader Cited by 2

CURRENT ISSUE: Jun 2026, Vol. 10 , No. 1

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