Income Increment Rate
One of the studies of housing market by Chen et al. [6] is to analyze the house prices and household income in Taiwan. By using traditional cointegration test and Perron test on house price to income ratio, the paper discusses the equilibrium relationship between house price and household income and what causes disruptions of the equilibrium between them. As a result, it is found that the slow increase in income may just sustain the long-run trend in house prices.