中文摘要：

文章对2000～2009年35个大中城市按住宅价格通过聚类分析将其分为四组,结合面板单位根、协整、格兰杰因果检验对住宅价格和居民收入的均衡关系进行了分析,并运用FMOLS模型探讨了住房支付能力稳定性问题。研究表明：35个大中城市的住宅价格和居民收入之间存在着长期均衡关系,但支付能力稳定性比较脆弱;住宅价格和居民收入互为因果关系;住房支付能力稳定性弱并不是普遍现象,仅存在于高房价城市;城市软硬件设施也是影响住宅价格并导致支付能力稳定问题的重要原因。因此,政府应因地制宜,让住宅价格和居民收入良性互动,并完善支付能力稳定性较弱城市的软硬件设施,引导住宅需求合理流动,增强住房支付能力稳定性。本文所提供的研究视角和方法具有一定的普适性。

英文摘要：

In this paper,35 cities from 2000 to 2009 are divided into four groups according to cluster analysis on housing prices.Combining with panel unit root,cointegration,Granger causality test results,the authors analyze the equilibrium relationship between housing prices and household income.Then the authors use FMOLS model to discuss on the problem of the stability of housing affordability.Analysis shows that： generally speaking,there is long-term equilibrium relationship between housing prices and household disposable incomes in the 35 cities and housing affordability is stable,but the stability is very weak.There is bilateral causality between housing prices and household incomes.Meanwhile,the problem of housing affordability stability is not a common phenomenon,it only exists in the cities with higher housing prices.The city＇s hardware and software facilities are also important reasons for housing price＇s fluctuation.So the Government should take targeted measures to regulate domestic prices and incomes to positive interaction according to local conditions.Simultaneously,the Government should also improve the hardware and software facilities in cities with smaller affordability problems to guide the rational flow of housing demand,and ultimately to enhance the sta bility of affordability.The research＇s perspective and method provided by this paper are universal to some extent.