Consumers’ Choice between Real Estate Investment and Consumption: A Case Study in Taiwan

Real estate has two major characteristics, representing a consumption good and an investment good. Family housing demands are affected by various factors such as family members, the stage that the current house is at in its life cycle, income, location preferences, and so on. To understand which kin...

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Autores principales:	Wei-Ling Tsou, Chen-Yi Sun
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	hedonic pricing housing life cycle multinomial logit Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
Acceso en línea:	https://doaj.org/article/8c293d81127f47a5a8a4bbffb4b9cd47
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spelling	oai:doaj.org-article:8c293d81127f47a5a8a4bbffb4b9cd472021-11-11T19:22:06ZConsumers’ Choice between Real Estate Investment and Consumption: A Case Study in Taiwan10.3390/su1321116072071-1050https://doaj.org/article/8c293d81127f47a5a8a4bbffb4b9cd472021-10-01T00:00:00Zhttps://www.mdpi.com/2071-1050/13/21/11607https://doaj.org/toc/2071-1050Real estate has two major characteristics, representing a consumption good and an investment good. Family housing demands are affected by various factors such as family members, the stage that the current house is at in its life cycle, income, location preferences, and so on. To understand which kind of homebuyer backgrounds will increase the proportion of residential investment, this study applies a multinomial logit model to analyze the probability of investment or consumption decisions made by home buyers from different backgrounds in Taiwan. Empirical data show that middle-aged singles and middle-aged couples are less likely to purchase houses to be their personal residence. For young couples and young families, having a personal residence is still a primary consideration, which means that this need is a result of how they are in the early stages of their life cycle when they are not yet financially stable and may expect to have (or already have) children. Families with children show a higher demand for changing residences, which is why full-nest families and three-generation families are more frequently the owners of their personal residence. In addition, the purchase motives of full-nest families include their view of real estate as an investment good, which means that the purchasers have a stable family structure and a degree of financial stability. It also means that with their children growing up, these purchasers exhibit a higher demand for purchasing real estate as an investment the next time they change residence.Wei-Ling TsouChen-Yi SunMDPI AGarticlehedonic pricinghousinglife cyclemultinomial logitEnvironmental effects of industries and plantsTD194-195Renewable energy sourcesTJ807-830Environmental sciencesGE1-350ENSustainability, Vol 13, Iss 11607, p 11607 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	hedonic pricing housing life cycle multinomial logit Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
spellingShingle	hedonic pricing housing life cycle multinomial logit Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350 Wei-Ling Tsou Chen-Yi Sun Consumers’ Choice between Real Estate Investment and Consumption: A Case Study in Taiwan
description	Real estate has two major characteristics, representing a consumption good and an investment good. Family housing demands are affected by various factors such as family members, the stage that the current house is at in its life cycle, income, location preferences, and so on. To understand which kind of homebuyer backgrounds will increase the proportion of residential investment, this study applies a multinomial logit model to analyze the probability of investment or consumption decisions made by home buyers from different backgrounds in Taiwan. Empirical data show that middle-aged singles and middle-aged couples are less likely to purchase houses to be their personal residence. For young couples and young families, having a personal residence is still a primary consideration, which means that this need is a result of how they are in the early stages of their life cycle when they are not yet financially stable and may expect to have (or already have) children. Families with children show a higher demand for changing residences, which is why full-nest families and three-generation families are more frequently the owners of their personal residence. In addition, the purchase motives of full-nest families include their view of real estate as an investment good, which means that the purchasers have a stable family structure and a degree of financial stability. It also means that with their children growing up, these purchasers exhibit a higher demand for purchasing real estate as an investment the next time they change residence.
format	article
author	Wei-Ling Tsou Chen-Yi Sun
author_facet	Wei-Ling Tsou Chen-Yi Sun
author_sort	Wei-Ling Tsou
title	Consumers’ Choice between Real Estate Investment and Consumption: A Case Study in Taiwan
title_short	Consumers’ Choice between Real Estate Investment and Consumption: A Case Study in Taiwan
title_full	Consumers’ Choice between Real Estate Investment and Consumption: A Case Study in Taiwan
title_fullStr	Consumers’ Choice between Real Estate Investment and Consumption: A Case Study in Taiwan
title_full_unstemmed	Consumers’ Choice between Real Estate Investment and Consumption: A Case Study in Taiwan
title_sort	consumers’ choice between real estate investment and consumption: a case study in taiwan
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/8c293d81127f47a5a8a4bbffb4b9cd47
work_keys_str_mv	AT weilingtsou consumerschoicebetweenrealestateinvestmentandconsumptionacasestudyintaiwan AT chenyisun consumerschoicebetweenrealestateinvestmentandconsumptionacasestudyintaiwan
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Consumers’ Choice between Real Estate Investment and Consumption: A Case Study in Taiwan

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