Housing

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Housing, or more generally living spaces, refers to the construction and assigned usage of houses or buildings collectively, for the purpose of sheltering people — the planning or provision delivered by an authority, with related meanings.[1] The social issue is of ensuring that members of society have a home in which to live, whether this is a house, or some other kind of dwelling, lodging, or shelter.[2] Many governments have one or more housing authorities, sometimes also called a housing ministry, or housing department.

Macroeconomy and housing price[edit]

Previous research shows that housing price is affected by the macroeconomy. Li et al. (2018)'s research showed that 1% increase in the Consumer Price Index leads to a $3,559,715 increase in housing prices and raises the property price per square feet by $119.3387. Money Supply (M2) has a positive relationship with housing prices. As M2 increases by one unit, housing prices will rise by 0.0618 in a study conducted in Hong Kong. When there is a 1% increase in the best lending rate, housing prices drop by between $18,237.26 and $28,681.17 in the HAC model. Mortgage repayments lead to a rise in the discount window base rate. A 1% rise in the rate leads to a $14,314.69 drop in housing prices, and an average selling price drop of $585,335.50. As the US real interest rate increases, the interest rates in Hong Kong must follow, increasing the mortgage repayments. When there is a 1% increase in the US real interest rate, the property prices decreased from $9302.845 to $4957.274, and saleable area drops by $4.955206 and $14.01284. When there is a 1% rise in overnight Hong Kong Interbank Offered Rate, the housing prices drop to about 3455.529, and the price per ft2 will drop by $187.3119.[3]

Living space in terms of units of area[edit]

The amount of square meters or square feet used as housing per family group can vary considerably - even within a single jurisdiction.[4]

See also[edit]

References[edit]

  1. ^ "housing". Oxford English Dictionary (3rd ed.). Oxford University Press. September 2005. (Subscription or UK public library membership required.)
  2. ^ Gwendolyn Wright, Building the Dream: A Social History of Housing in America (MIT press, 1983)
  3. ^ Li, R.Y.M. (2018). "Have Housing Prices Gone with the Smelly Wind? Big Data Analysis on Landfill in Hong Kong". Sustainability. 10 (2): 341.
  4. ^ In the United States in 1989, for example: What Do We Pay for Living Space?. Statistical brief. U.S. Department of Commerce, Economics and Statistics Administration, Bureau of the Census. 1993. Retrieved 18 November 2019. The largest owner-occupied, single-family, detached homes were in the Northeast (a median of 2,189 square feet large) followed by the Midwest (1,969), West (1,745), and South (1,673)

External links[edit]

The dictionary definition of housing at Wiktionary