摘要：为寻找低租售比条件下我国居民购房偏好的成因，从住房政策角度，比较发达国家和我国的住房政策逻辑，指出我国住房政策是购房导向型。在此基础上，引入使用者成本，计算北京市2005-2017年首次购房者的使用者成本，结果显示居民购房获得了远大于住房支出的资本收益，购房选择更有经济优势，即居民购房偏好是被动形成的，应优化住房制度以扭转居民购房偏好。

关键词：住房政策；租购选择；使用者成本；购房偏好

Abstract：In order to find out the reason of purchase preference in China under low rent to sell ratio，this paper compares the logic of housing policy between developed countries and China from the view of housing policy，and points out that Chinese housing policy is purchase-oriented. On the base，introduces the user cost as a tool and calculate the user cost of first time buyer in Beijing from 2005 to 2017，and finds out that it’s negative in most of time，which indicating purchase behavior caused capital gains largely exceed housing expenditure. Purchasing is a more economical decision，thus，the preference of house purchase is passively formed，it should optimize housing system to change the house purchase preference of residents.

Keywords：housing policy；tenure choice；user cost；purchase preference

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