出島 敬久

This research uses individual data from Japan’s National Survey of Family Income and Expenditure to examine the impact of residential area and real estate prices on employment, i.e. individuals’ choice to work. The results show a significant negative impact of real assets on employment. This result indicates a theoretical possibility that an accumulation of household assets induces non-working. This research also finds that the influence of real assets on employment is different depending on the area. In the Kanto, Kitakyushu, and Fukuoka metropolitan areas there is a negative influence of real assets on employment. This result reflects the differences in real estate and land prices in these areas, and suggests that if there is the negative effect of real assets on employment in metropolitan areas, tax benefits on land and housing could have an adverse effect on the labor market in these areas.