| Since the new century, with the sustained and rapid growth of economy in our country, the real estate industry has also experienced vigorous development. As the pillar industry of national economy, the development of the real estate industry investment act as a leading role of the investment and consumption of our national economy. Because housing industry is the basic part of the real estate industry. Housing consumption is therefore become an important force to pull the rapid development of local economy. But, there exist a lot of problems as well, for example, housing price-to-income ratio is too high, The housing needs of low-income groups are not met and so on. Therefore, the ways of the government finding out exactly the feature and the trend of residents’ housing demand, and then grasping the contradiction and making the more effective policy to keep the housing industry develop stably and healthily is particularly important. The housing demand income elasticity, as an important measurement of the characteristic of housing consumption, we study it has important practical significance.At present, the foreign scholars on the research of the demand for housing has a history of more than 50 years, but the domestic scholars on the research of the demand for housing starts late. At the same time, the domestic scholar’s research owns the following defects. Firstly, the domestic scholar’s research study is generally using the macro data, since the consumption is individual behavior, using the micro date can only estimate the entire income elasticity, it cann’t distinguish the individual difference. Secondly, the domestic scholars doesn’t distinguish them. Lastly, the estimating methods of permanent income is penurious. The above defect will reduce the credibility and application of the results, and limit the development of domestic research on housing demand.Based on the above background, this article will mainly deploy from the following aspects:Firstly, introduce the theoretical foundation and review of domestic and foreign related research results of housing demand, we lead the permanent income into the income elasticity of housing demand research as well. Then, build the income elasticity of housing demand estimate model, based on the Lorenz curve and Concentration curve. Once more, do the applied research based on the data of database of CHIPS. Then, carry on the expand research, estimate the different income groups’income elasticity of housing demand. Lastly, provide suggestions for government policy making on the basis of the research data.Through this study, we draw the following main conclusions:(1)The income elasticity of housing demand of different income classes are all less than 1, it suggests the housing demand of Nanjing in 2008 belongs to the category of inelastic, housing is still belongs to consumer goods to meet the basic needs of life.(2)Families of different income levels own the different housing consumption, increasing with the family’s permanent income, income elasticity of housing demand increase as well.(3)Using permanent income estimates the income elasticity of housing demand is higher than using the traditional income, it shows that permanent income can response more residents of housing consumption demand.(4) As for the low income people, income has more effect on the housing consumer demand.(5)The housing affordability of the low income families in Nanjing divide into three categories: no housing affordability:Y 624; lack of renting house affordability:Y 776; lack of paying housing affordability:Y1065.Finally, based on the above application research, in order to promote the healthy development of Nanjing housing market and the housing consumption structure, this article put forward the following suggestions:(1)Improving the residents’ income level, enhance the capacity of housing consumption.(2) Stabilizing the housing prices.(3) Establishing the wholesome and diversity housing security system. |
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