Dampak Finansialisasi Perumahan terhadap Keterjangkauan Hunian bagi Kelas Menengah: Studi Kasus Perumahan Bintaro Sektor 4 dan 5

Ramadhan, Raihan Putra (2026) Dampak Finansialisasi Perumahan terhadap Keterjangkauan Hunian bagi Kelas Menengah: Studi Kasus Perumahan Bintaro Sektor 4 dan 5. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Finansialisasi perumahan di Indonesia telah mengubah fungsi hunian dari kebutuhan sosial dasar menjadi aset finansial dan instrumen investasi, sehingga memperburuk keterjangkauan hunian, khususnya bagi rumah tangga kelas menengah. Penelitian ini mengkaji dampak finansialisasi perumahan terhadap keterjangkauan hunian kelas menengah di Bintaro Sektor 4 dan 5, Tangerang Selatan, kota satelit yang dikembangkan untuk memenuhi kebutuhan hunian masyarakat kelas menengah yang bekerja di Jakarta. Penelitian menggunakan pendekatan mixed methods melalui analisis kualitatif dan kuantitatif untuk mengidentifikasi aktor finansialisasi, meliputi pengembang, lembaga pembiayaan, perbankan, dan pemerintah, serta menganalisis interaksi antaraktor dalam membentuk dinamika pasar perumahan. Tingkat keterjangkauan diukur menggunakan Price-to-Income Ratio (PIR) dan Housing Cost Burden (HCB). Hasil penelitian menunjukkan tiga temuan utama. Pertama, selain empat aktor finansialisasi yang umum dibahas dalam literatur, mekanisme pasar memiliki peran penting dalam menentukan harga, ambang keterjangkauan, dan preferensi pengembangan hunian. Kedua, hasil PIR dan HCB menunjukkan bahwa sebagian besar rumah di Bintaro Sektor 4 dan 5 tidak terjangkau bagi kelas menengah bahkan pada suku bunga KPR 2,7%, ruang finansial rumah tangga tetap terbatas sehingga mendorong fenomena take-over KPR. Ketiga, skema Rent-to-Own (RTO) dan Progressive Home Ownership (PHO) berpotensi meningkatkan aksesibilitas hunian tanpa membebani rumah tangga dengan utang jangka panjang Penelitian menyimpulkan bahwa finansialisasi perumahan telah memisahkan harga rumah dari pertumbuhan pendapatan masyarakat kelas menengah. Temuan ini mengindikasikan perlunya regulasi pengendalian harga properti serta pengembangan skema pembiayaan alternatif seperti RTO dan PHO yang lebih selaras dengan kemampuan ekonomi rumah tangga kelas menengah
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Housing financialization in Indonesia has transformed residential properties from basic social necessities into financial assets and investment instruments, exacerbating affordability challenges particularly for middle-income households. This study examines the impact of housing financialization on residential affordability for the middle class in Bintaro Sector 4 and 5, Tangerang Selatan, a satellite city developed to accommodate the housing needs of middle-income workers commuting to Jakarta. The study employs a mixed methods approach combining qualitative and quantitative analysis to identify the key actors involved in the financialization process including developers, financial institutions, banks, and government and to analyze how their interactions shape housing market dynamics. Housing affordability is measured using the Price-to-Income Ratio (PIR) and Housing Cost Burden (HCB). The findings reveal three key conclusions. First, beyond the four financialization actors commonly discussed in the literature, market mechanisms play an important role in determining housing prices, affordability thresholds, and residential development preferences. Second, PIR and HCB analyses demonstrate that the majority of housing in Bintaro Sector 4 and 5 is unaffordable for middle-income households, even at a mortgage rate of 2.7%, household financial headroom remains severely constrained, driving the emergence of the KPR take-over phenomenon. Third, Rent-to-Own (RTO) and Progressive Home Ownership (PHO) schemes present viable alternatives to improve housing accessibility without subjecting households to unsustainable long-term debt burdens. The study concludes that housing financialization has structurally decoupled housing prices from income growth, underscoring the need for stronger regulatory frameworks and the development of alternative financing schemes such as RTO and PHO that better align with middle-income households' economic capacity.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Finansialisasi Perumahan, Keterjangkauan Hunian, Rumah Tangga Kelas Menengah, KPR (Kredit Pemilikan Rumah), Bintaro,Housing Financialization, Housing Affordability, Middle-income Households, KPR (Kredit Pemilikan Rumah), Bintaro
Subjects:	G Geography. Anthropology. Recreation > GT165 Houses. Dwellings
Divisions:	Faculty of Civil Engineering and Planning > Regional and Urban Planning > 35201-(S1) Undergraduate Thesis
Depositing User:	Raihan Putra Ramadhan
Date Deposited:	30 Jul 2026 03:01
Last Modified:	30 Jul 2026 03:01
URI:	http://repository.its.ac.id/id/eprint/139666

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