Population remains central to economic development, shaping labor supply and consumption. Yet demographic transition changes not only population size but also household formation. In many countries, population has begun to decline while household counts continue to rise. Shifts in household numbers often have more direct implications for real estate demand than changes in total population.
In particular, the rise of single-person households implies a shift in housing demand from multi-person groups to individual occupants. This may increase demand for small housing units and affect transaction prices in that segment. Their socio-economic characteristics can shape residential location choices, generating spatial variation in prices within the small-unit market.
This study employs spatial models to examine how population size and the number of households relate to local housing prices in Japan. If household totals are found to be more predictive of housing prices than total population, housing policy should place greater emphasis on monitoring household formation and composition, especially amid the rapid growth of single-person households that may generate more pronounced shifts in demand for small units.

Authors:
Ti-Ching Peng, National Taipei University, Taiwan

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Posted by James Alexander Gordon

Last updated: 2023-02-23 23:45:00

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