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Asian immigrants, school quality, and the U.S. housing market
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A1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä
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en
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14
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Journal of Urban Economics, Volume 153, pp. 1-14
Abstract
This paper investigates how Asian immigrants affect U.S. housing prices and identifies the mechanisms underlying these effects. Using annual county-level data from 2009 to 2018 and a dual instrumental variable approach, we decompose the overall impact of Asian immigrants into education-related and non-education channels. We find that roughly 30%–40% of the housing price increase associated with Asian immigration is driven by the capitalization of improved educational amenities, while the remaining 60%–70% reflects non-education forces, such as home-biased foreign capital inflows and other neighborhood changes. The education-related capitalization effects are greater in counties with a higher share of Asian school-aged children, underscoring the key insight that immigrant composition — specifically, who arrives — matters for how immigration shapes local housing markets.
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Publisher Copyright: © 2026 The Authors
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Ang, A, Kwon, E & Zheng, S 2026, 'Asian immigrants, school quality, and the U.S. housing market', Journal of Urban Economics, vol. 153, 103860, pp. 1-14. https://doi.org/10.1016/j.jue.2026.103860