The purpose of this study was to investigate the analytical model of the implicit price according to objective and subjective characteristics of housing. The hedonic price regression was used for estimating the implicit price. The subjectives of this study were 1,143 dwellers who live in Seoul metropolitan area. Taejeon, and Jeonju. Satistical analyses were conducted using frequencies, percentiles, mean, and multiple regression. The major findings were as follows: 1. There was a significant difference in the implict price of the apartment between owners and renters. 2. There was a sginificant difference in the implicit price of the apartment among Seoul metropolitan area, Taejeon, and Jeonju. 3. Using a stepwise multiple regression method, the order of variables as they were entered in the model were different between tenure types (owner/renter), and regions(Seoul metroplitan area/Taejeon/Jeonju). 4. The linear model was the most appropriate noe which explained the housing price. 5. Subjective characteristics of housing in Taejeon and Jeonju had an effect on the housing price more than those in Seoul metropolitan area.