도시들 사이에 존재하는 근로자 임금의 차이와 주택가격(주택임대료)의 차이는 그 도시가 가지고 있는 특성(amenities)에 의한 것임이 본 논문에서 밝혀졌다. 개 인의 차이와 개별 주택의 특성을 통제한 후, 평균 인적자본(average human capital), 연구개발비(R&D), 그리고 기타 도시 특성들이 도시근로자의 임금과 집 값에 긍정적인 외부효과(positive externality effects)를 나타내고 있음을 확인하 였다. 도시 특성들(도시연령, 강수량, 인구밀도, 범죄자체포비율, 도시재정자립 도, 실업률, 그리고 도시의 저소득주민비율)은 임금추정식과 주택임대료 추정식 에서 기대하는 효과를 일부 나타내고 있으며, 특히 저소득주민비율은 주택임대료 에 부정적인 외부효과(negative externality effects)를 나타내고 있다. 도시의 평 균 인적자본이 1년 증가할 때, 도시 노동자의 임금은 약 3.8～4.8% 증가하고, 주 택의 월 임대료는 약 24～25% 증가한다. 도시특성별 삶의 질 지수(QOLI: quality of life index)의 측정을 통해, 평균교육 년수로부터 근로자는 1년에 평균 381.3만원의 보상(긍정적 외부효과)을 받고 있 다는 것을 알 수 있었다. 수도권 주변도시들에서 삶의 질 지수가 높게 나타나고 있어, 수도권 주변도시에 거주함으로써 얻는 편익이 지방중소도시들에 거주함으 로써 얻는 편익보다 상대적으로 높음을 확인하였다. 또한 도시 특성들은 임금방 정식(wage equation)보다는 주택임대료 방정식(rent equation)에서 더 유의한 결과를 보여주고 있어 삶의 질 지수가 주로 임대료식에 의해 더 많은 영향을 받고 있음을 알 수 있다.

This paper examines the differences in wages and housing costs across cities in terms of urban amenities. After establishing control for the characteristics of individual workers and housings, evidence shows that average human capital and R&D(Research and Development) expenditures of the cities have positive externality effects on wages and housing costs in cities. Other urban characteristics(such as age of the city, annual rainfall, population density, rates pf criminal arrests, degree of financial independence, unemployment rate and ratio of population in the lowest income bracket) have shown effects that are expected by the wage equation and the rent equation. Especially, the ratio of population in the lowest income bracket reveals negative externality effects in the rent equation. If a city's average human capital level increases by one year, the city's wages increase by 3.8% to 4.8% and city's monthly rents increase by about 24% to 25% in a year. According to QOLI(Quality of Life Index) which is measured by urban amenities, the annual compensation for a worker with an average number of years of education is 3.81 million won(positive externality effect). When ranked by quality of life index, cities geographically closer to Seoul have higher figures, thus more benefits can be enjoyed by living near the Capital Region. Urban characteristics have more significant results in the rent equation than in the wage equation, and thus quality of life index is more heavily influenced by the rent equation.

This paper examines the differences in wages and housing costs across cities in terms of urban amenities. After establishing control for the characteristics of individual workers and housings, evidence shows that average human capital and R&D(Research and Development) expenditures of the cities have positive externality effects on wages and housing costs in cities. Other urban characteristics(such as age of the city, annual rainfall, population density, rates pf criminal arrests, degree of financial independence, unemployment rate and ratio of population in the lowest income bracket) have shown effects that are expected by the wage equation and the rent equation. Especially, the ratio of population in the lowest income bracket reveals negative externality effects in the rent equation. If a city's average human capital level increases by one year, the city's wages increase by 3.8% to 4.8% and city's monthly rents increase by about 24% to 25% in a year. According to QOLI(Quality of Life Index) which is measured by urban amenities, the annual compensation for a worker with an average number of years of education is 3.81 million won(positive externality effect). When ranked by quality of life index, cities geographically closer to Seoul have higher figures, thus more benefits can be enjoyed by living near the Capital Region. Urban characteristics have more significant results in the rent equation than in the wage equation, and thus quality of life index is more heavily influenced by the rent equation.

average human capital of the city, research and development expenditure ofthe city, wage equation, rent equation, and quality of life index