Empirical Research on the Relationships between Population Structure and Housing Price Fluctuations: Taking Beijing as an Example

To examine the relationships between population structure and housing price fluctuations, we construct an index system of population structure firstly, and then carry out an augmented Dickey-Fuller test and ordinary least squares regression to choose demographic variables that will be absorbed in the vector auto regressive model using data from Beijing between the year 2000 and 2011. Finally, it reveals that sex ratio, the tertiary industry employment proportion, food expenditure proportion, college and above educational level population proportion, and transferred income proportion has no effect on the fluctuations of housing price in Beijing; gross dependency ratio has the most impact, and can explain about 50% of the housing price change, family household scale and non-agricultural population proportion has less effect. It also shows that the response of housing price to gross dependency ratio and family household scale is positive at first, then turns to negative afterwards, but the response to non-agricultural population proportion is always positive.