도로명 내 지역명칭과 아파트 상대가격 프리미엄 연구: 서울 양천구 신정동 “목동” 편입사례를 중심으로

초록

This study empirically examines whether place names embedded in road-name addresses function as independent information signals in the process of housing price formation, focusing on the case of Sinjeong-dong, Yangcheon-gu, Seoul. Exploiting a quasi-experimental setting where only certain complexes within the same legal neighborhood include the prestigious name "Mok-dong" in their official road-name addresses, the paper analyzes the relationship between regional place names in road names and relative apartment price paths. Using 2010–2018 transaction data, a refined sample of 14,941 observations across 142 complexes was constructed after rigorous data cleaning. The identification strategy employs a two-way fixed effects (TWFE) difference-in-differences (DID) model, integrated with PSM-DID and event study analysis. The empirical results show that complexes with the "Mok-dong" designation exhibited a relatively higher price path of approximately 4.7% compared /to the control group after policy implementation-a pattern consistent with the hypothesis that regional place names in road names may function as an auxiliary market signal conveying neighborhood image and place brand. As this study is a single-case exploratory analysis limited to the inclusion of the "Mok-dong" name within Sinjeong-dong, caution is required in generalizing the empirical results. However, placebo-year DID and event study analyses reveal potential violations of the pre-parallel trend assumption, indicating that the positive estimates cannot be confirmed as the pure causal effect of road-name revision. Accordingly, this study refrains from claiming a definitive causal effect, and instead limits its interpretation to presenting an empirical pattern of associative relationship consistent with the possibility that regional place names in road names may operate as a mechanism for conveying place branding. These findings suggest that future address administration may need to carefully consider potential implications for asset values, extending beyond mere spatial identification.

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