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Asian immigrants, school quality, and the U.S. housing market

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  • Ang, Amanda
  • Kwon, Eunjee
  • Zheng, Siqi

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.

Suggested Citation

  • Ang, Amanda & Kwon, Eunjee & Zheng, Siqi, 2026. "Asian immigrants, school quality, and the U.S. housing market," Journal of Urban Economics, Elsevier, vol. 153(C).
    • Handle: RePEc:eee:juecon:v:153:y:2026:i:c:s0094119026000318
    DOI: 10.1016/j.jue.2026.103860
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    Keywords

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    JEL classification:

    • J61 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Geographic Labor Mobility; Immigrant Workers
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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