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Multiple psychological characteristics predict housing mortgage loan behavior: A holistic model based on machine
Wenjing Gui1, Lei Wang1, Han Wu1
1School of Psychological and Cognitive Sciences and Beijing Key Lab for Behavior and Mental Health, Peking University, Beijing, China.
Psych Journal
|February 15, 2022
Summary
Understanding consumer housing choices requires a holistic approach. This study reveals that integrated psychological factors, not just demographics, significantly predict housing mortgage loan behavior, offering new insights for real estate marketing.
Area of Science:
- Consumer Behavior
- Psychology
- Real Estate Marketing
Background:
- Traditional models often fail to fully predict housing behavior due to isolated factor analysis.
- Demographic, socioeconomic, and single psychological attributes have limited predictive power individually.
- A comprehensive understanding of consumer housing choices necessitates integrating multiple psychological dimensions.
Purpose of the Study:
- To develop and validate a holistic model integrating diverse psychological characteristics with demographic and socioeconomic factors.
- To predict consumer housing mortgage loan behavior using a comprehensive approach.
- To investigate the predictive power of integrated psychological factors versus traditional attributes in housing decisions.
Main Methods:
- Utilized machine learning techniques to analyze complex relationships.
- Collected data via an online survey from 2,270 participants.
- Constructed a holistic model incorporating values, personality, motivation, decision-making style, and risk-seeking.
Main Results:
- The holistic psychological model effectively predicts consumer housing mortgage loan behavior.
- Psychological characteristics demonstrated a greater contribution to prediction than demographic and socioeconomic factors.
- Machine learning analysis revealed significant interrelationships between psychological traits and housing finance behavior.
Conclusions:
- Integrated psychological factors are crucial for understanding and predicting consumer housing mortgage loan behavior.
- The findings offer a novel perspective for the real estate market, emphasizing the importance of psychological profiling.
- Implications for marketing and sales strategies are significant, suggesting a shift towards psychologically informed approaches.
Keywords:
holistic modelhousing mortgage loan behaviormachine learningmotivation and valuespersonalitypsychological characteristicsMore Related Videos
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