Is There a Housing Bubble in Taipei? – Considering the Population Migration

• Main Authors: Chang, Shu-Ming, 張書銘
• Other Authors: Chen, Jyh-Jyi
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/xr3253

碩士 === 真理大學 === 財經研究所 === 99 === We propose that in areas where the price of housing is relatively high, like Taipei City, housing might be unaffordable for low-income residents. Meanwhile low-income residents should be excluded from the demand of housing in such areas, and their income should be excluded as well from the fundamental of housing price. This paper differs from Chang et al.(2009) in that only the income of higher-income residents (not the average income of all residents) is considered to be the fundamental of housing price, and that the income of lower-income residents should be excluded. We find that the exclusion of low-income residents significantly changes the size of housing price bubbles identified in Taipei City (the area where the price of housing is relatively high). While the exclusion of low-income residents makes no significant differences in housing price bubbles identified in Taichung City and Kaohsiung City.