Abstract
Based on the Korean Housing Survey 2020, the paper analyzes the distinct characteristics of households with or without homeownership in terms of their income and debt. In particular, it extracts and exploits debt residuals from household debt after controlling permanent income and other households characteristics. The paper finds that household debt (debt residual) is positively (negatively) associated with homeownership. More precisely, while both household debts and debt residuals of young households seem to increase the probability of homeownership, debt residuals of middle-aged households seem to reduce the probability. We infer that while young households have actively purchased houses by borrowing money in recent years, middle-aged households without homeownership have not been able to access the financial market.
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