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The Dynamics of Housing Demand in the Philippines: Income and Lifecycle Effects

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  • Ballesteros, Marife M.
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    Abstract

    This paper examines the housing consumption pattern of households in the Philippines given their socioeconomic characteristics and the existing conditions in the land and housing market. Two basic issues are examined: one, how is housing adjustment and expenditure associated with income and demographic changes; and two, do housing consumption in the country suggest the presence of significant housing market imperfections or capital market imperfections. The results point to the lack of housing alternatives specifically for the low-income households in the formal housing market. Housing adjustments and the path toward acceptable housing are thus constrained. Estimates of income elasticity show that for most households, an increase in income will not be spent on housing but to meet other basic household needs. This being the case, there has to be a significant increase in income to bring about a significant change in housing conditions. In the long run, economic development may bring about the needed boost in income, however, in the short-run, government has look into alternative forms of low-cost housing. One option is developing the low-cost rental market. Another option is finding innovative financing schemes that would allow low monthly amortization. Lastly, government has to institute ways to effectively reduce the high cost of housing in the country.

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    File URL: http://serp-p.pids.gov.ph/serp-p/download.php?d=1039&s=3
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    Bibliographic Info

    Paper provided by Philippine Institute for Development Studies in its series Discussion Papers with number DP 2001-15.

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    Length: 53
    Date of creation: 2001
    Date of revision:
    Handle: RePEc:phd:dpaper:dp_2001-15

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    Web page: http://www.pids.gov.ph/
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    Related research

    Keywords: housing demand; housing consumption pattern; housing elasticity;

    References

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    1. Friedman, Joseph & Jimenez, Emmanuel & Mayo, Stephen K., 1988. "The demand for tenure security in developing countries," Journal of Development Economics, Elsevier, vol. 29(2), pages 185-198, September.
    2. Malpezzi, Stephen & Mayo, Stephen K, 1987. "The Demand for Housing in Developing Countries: Empirical Estimates from Household Data," Economic Development and Cultural Change, University of Chicago Press, vol. 35(4), pages 687-721, July.
    3. Ballesteros, Marife M., 2000. "Land Use Planning in Metro Manila and the Urban Fringe: Implications on the Land and Real Estate Market," Discussion Papers DP 2000-20, Philippine Institute for Development Studies.
    4. Mahlon R. Straszheim, 1975. "An Econometric Analysis of the Urban Housing Market," NBER Books, National Bureau of Economic Research, Inc, number stra75-1.
    5. Hanushek, Eric A & Quigley, John M, 1980. "What Is the Price Elasticity of Housing Demand?," The Review of Economics and Statistics, MIT Press, vol. 62(3), pages 449-54, August.
    6. Orbeta, Aniceto Jr. C. & Llanto, Gilberto M. & Sanchez-Robielos, Maria Teresa & Tang, Marie Christine, 1998. "A Study of Housing Subsidies in the Philippines," Discussion Papers DP 1998-42, Philippine Institute for Development Studies.
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    Cited by:
    1. Eva Deuchert & Christina Felfe, 2013. "The Tempest: Natural Disasters, Early Shocks and Children's Short- and Long-Run Development," CESifo Working Paper Series 4168, CESifo Group Munich.
    2. repec:phd:rpseri:rps_2002-09 is not listed on IDEAS
    3. Cacnio, Faith Christian Q., 2001. "Microfinance Approach to Housing: The Community Mortgage Program," Discussion Papers DP 2001-28, Philippine Institute for Development Studies.

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