The Influence of Demographic Characteristics on Housing Price Using Hierarchical Linear Modeling－an evidence from used housing market in Taichung, Taiwan

• Main Authors: Rui Wu, 吳瑞
• Other Authors: Howen Yang
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/66682308346723014247

碩士 === 逢甲大學 === 土地管理所 === 100 === Due to the spatial heterogeneity of real estate market and demand differences, the implicit price of housing structural characteristics varies over space. However, traditional hedonic price model not only overlooks such variation, but also ignores the impact of district’s specialty on housing price, leading to estimated bias. This study suggests that the demographic characteristics as one of the district’s specialty, can represent the demand for housing, and also can moderate the influence of housing structural characteristics on housing price. Therefore, this study applies the hierarchical linear models to explain the used housing market in Taichung, taking housing structural characteristics and district’s demographic characteristics into account simultaneously, to explore their impact on housing price. The results show that, there are significant differences among districts’ housing prices, and 20%-30% of the differences are caused by characteristics of districts; the explanatory power of regional demographic characteristics to the housing price, are higher than the housing structural characteristics；Interaction of housing structural characteristics and district’s demographic characteristics have a significant effect on housing prices. At the same time, the same housing individual characteristics significant differences in the explanatory power of the detached residential and non-detached housing prices and population attributes and housing the interaction of the individual characteristics of these two sub-markets housing prices were also significantly differences. At the same time, the explanatory power of the same housing structural characteristics on the detached residential and non-detached housing prices, has significant differences; and the interaction of housing structural characteristics and district’s demographic characteristics of these two sub-markets, is also significantly different with each other. Therefore, this study suggests that, in order to obtain better estimates，housing structural characteristics and district’s demographic characteristics should be considered simultaneously, when estimating housing prices. It is necessary to divide the residential market into different sub-markets according to the type of product, when estimating the residential prices.