CONVR2006 Housing Tenure Choice in Hangzhou City of China:Logit Analysis

摘要

As two types of essential forms of housing service,renting and purchasing play significant roles,respectively,in housing market.Therefore,studying on consumers' tenure choices,which influence the demand of housing market,is important.This paper is based on a survey of 884 customers who have just bought or rented houses in Hangzhou City,where households have been granted freedom of choice in the housing market since the housing reforms of 1998,and uses a logit model to examine the determinants of tenure choice decision.Results from the logit estimation indicate that household annual income,household net worth,time staying in Hangzhou,housing size,location environment and community environment,are significant and the effects on the probability of housing ownership are positive.Moreover,the household with married status,Hangzhou residence,stable occupation,low possibility of migration,an upgoing or steady view on housing price,and a more strong feeling of household belongings will have a higher possibility of purchasing house.Conversely,Results indicate the rise in housing prices and the price-rent ratio will reduce the possibility of ownership,still play important roles in Tenure Choice.