The Impact Of Domestic Housing Prices On Unemployment

Beginning in 1998,China began to promulgate the adjustment of the housing system,Chinese real estate industry has experienced many leaps and bounds,Standing on the key hub of sustained economic innovation,There are many debates about the impact of the rapid development of the real estate industry and the rapid rise in housing prices on urban employment.On the one hand,the real estate industry is a pillar industry in our country and plays an important role in the development of the national economy.In fact,real estate can radiate to other affiliated enterprises,thereby driving social employment in related industries.On the other hand,the high cost of living brought about by high housing prices has led to an outflow of the employed population and a decline in the employment rate.Therefore,it is necessary to ensure that housing prices remain within a reasonable price range in accordance with national development and deployment.This paper evaluate the correlation between house prices and employment,and the impact of housing prices on employment will be different under different economic development levels.Based on the qualitative analysis,this paper makes a quantitative analysis of the influence between housing prices and employment rate.First of all,it describes the development history of my country’s real estate and the changes in housing prices,analyzes the regulatory policies for the real estate market at various stages in my country,and further analyzes the development trend of my country’s real estate industry.The two main indicators of unemployment statistics in my country are listed,the urban registered unemployment rate and the urban surveyed unemployment rate,this paper analyzes several main phenomena of employment problems in the current process of my country’s economic development,made a preliminary analysis on the trend of unemployment in my country and the impact of domestic housing prices on the unemployment rate.And the actual performance of house price intervention in the process of unemployment rate.Secondly,establish a VAR model with the year-on-year growth rate of average housing price,the year-on-year GDP growth rate,the urban registered unemployment rate,Selection,cointegration test,impulse response analysis and other methods show that there are some correlations between housing prices and employment in my country.At the same time,Then it discusses the specific impact of different levels of house prices on Residents’ employment,a regression analysis was carried out with Beijing,Xi’an,and Luoyang as the representatives of the first-,second-,and third-tier cities.The final study found that,from the national average level,the rise in housing prices will push up the unemployment rate to a certain extent.From a regional perspective,rising housing prices in first-tier cities will drive down the unemployment rate and improve employment.The rise in housing prices in second-and third-tier cities will push up the unemployment rate and lead to a worsening of the employment situation.