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Neighborhood Diversity and the Appreciation of Native- and Immigrant-Owned Homes

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Author Info
Cobb-Clark, Deborah A. () (Australian National University)
Sinning, Mathias () (Australian National University)

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Abstract

This paper examines the effect of neighborhood diversity on the nativity gap in home-value appreciation in Australia. Specifically, immigrant homeowners experienced a 41.7 percent increase in median home values between 2001 and 2006, while the median value of housing owned by the native-born increased by 59.4 percent over the same period. We use a semi-parametric decomposition approach to assess the relative importance of the various determinants of home values in producing this gap. We find that the differential returns to housing wealth are not related to changes in the nature of the houses or the neighborhoods in which immigrants and native-born homeowners live. Rather, the gap stems from the fact that over time there were differential changes across groups in the hedonic prices (i.e., returns) associated with the underlying determinants of home values.

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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 4464.

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Length: 38 pages
Date of creation: Oct 2009
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Handle: RePEc:iza:izadps:dp4464

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Related research
Keywords: international migration; home-ownership; decomposition analysis;

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Find related papers by JEL classification:
F22 - International Economics - - International Factor Movements and International Business - - - International Migration
D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution

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References listed on IDEAS
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  1. Bostic, Raphael & Gabriel, Stuart & Painter, Gary, 2009. "Housing wealth, financial wealth, and consumption: New evidence from micro data," Regional Science and Urban Economics, Elsevier, vol. 39(1), pages 79-89, January. [Downloadable!] (restricted)
  2. David Cutler & Edward Glaeser & Jacob Vigdor, 2004. "Is the Melting Pot Still Hot? Explaining the Resurgence of Immigrant Segregation," Working Papers 04-10, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
    Other versions:
  3. David M. Cutler & Edward L. Glaeser & Jacob L. Vigdor, 1999. "The Rise and Decline of the American Ghetto," Journal of Political Economy, University of Chicago Press, vol. 107(3), pages 455-506, June. [Downloadable!] (restricted)
    Other versions:
  4. Coate, Douglas & Vanderhoff, James, 1993. "Race of the Homeowner and Appreciation of Single-Family Homes in the United States," The Journal of Real Estate Finance and Economics, Springer, vol. 7(3), pages 205-12, November.
  5. William J. Collins & Robert A. Margo, 2000. "Race and the Value of Owner-Occupied Housing, 1940-1990," Economics Working Paper Archive 310, Levy Economics Institute, The. [Downloadable!]
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  6. Cutler, David M. & Glaeser, Edward L. & Vigdor, Jacob L., 2008. "When are ghettos bad? Lessons from immigrant segregation in the United States," Journal of Urban Economics, Elsevier, vol. 63(3), pages 759-774, May. [Downloadable!] (restricted)
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  7. David Card & Alexandre Mas & Jesse Rothstein, 2008. "Tipping and the Dynamics of Segregation," The Quarterly Journal of Economics, MIT Press, vol. 123(1), pages 177-218, 02. [Downloadable!] (restricted)
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  8. Downes, Thomas A. & Zabel, Jeffrey E., 2002. "The impact of school characteristics on house prices: Chicago 1987-1991," Journal of Urban Economics, Elsevier, vol. 52(1), pages 1-25, July. [Downloadable!] (restricted)
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