지분 공유형 주거금융과 고부채 가구의 잠재적 재무개선 효과

초록

This study proposes an equity-sharing housing finance model that converts mortgage debt into capital-market equity via a security token offering (STO), mitigating liquidity crises faced by highly leveraged owner-occupiers during housing price downturns. Using household microdata from the Korea Housing Survey, the study estimates through scenario analysis the potential effects of this hypothetical policy design, which is not an existing or confirmed scheme. The model separates the equity and use rights of housing assets, letting owners secure liquidity without selling their homes and convert fixed debt repayments into a variable equity usage fee. Targeting high-debt Seoul households with a Debt Service Ratio (DSR) of 30% or higher (275 of 2,343 sampled households, 11.7%), two policy scenarios—a 42.4% and a 69.4% debt-to-equity conversion—move 47.6% and 61.7% of these high-debt households below the 30% DSR threshold and raise monthly disposable income by KRW 450,000 and 730,000, with the largest relative gains for the most burdened households. Under a 20% price decline, post-shock loan-to-value is contained at 8.3% under Scenario 2, versus 27.2% without the model, as the converted mortgage principal is retired. The findings suggest that, under the stated assumptions, equity-sharing housing finance could redistribute downside real estate risk from households into the capital market.

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