The Impact of Population Age Structure on Real Estates Price—Evidence from China Provincial Panel Data

摘要

As “demographic dividend” gradually disappears, and two-child policy boosts, and the prototype of the aging society gradually shows, changes in population age structure in our country may appear. While the change of population age structure will affect the demand for housing, and then affect the price of housing. This article will make use of 2004-2014 provincial panel data of 31 provinces, cities and autonomous regions, in the control of variables: per capita income, housing supply factors, inflation, whole population to study the effects of population age structure on real estate prices. With the study, it was found that total dependency ratio and elderly dependency ratio are on an inverse relationship towards ordinary residence price. In particular, elderly dependency ratio is negatively related to high-grade residential property prices. On the further study, I found that the eastern region real estate price is most sensitive to the changes in the dependency ratio.