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

  • Deborah A. Cobb-Clark
  • Mathias G. Sinning

This paper examines the effect of neighborhood diversity on the nativity gap in homevalue 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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File URL: http://repec.rwi-essen.de/files/REP_09_137.pdf
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Paper provided by Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen in its series Ruhr Economic Papers with number 0137.

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Length: 38 pages
Date of creation: Sep 2009
Date of revision:
Handle: RePEc:rwi:repape:0137
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  1. 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.
  2. Edin, P.-A. & Fredriksson, P. & Aslund, O., 2000. "Evidence from a Natural Experiment," Papers 2000-21, Uppsala - Working Paper Series.
  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.
  4. William J. Collins & Robert A. Margo, 2000. "Race and the Value of Owner-Occupied Housing, 1940-1990," Macroeconomics 0004057, EconWPA.
  5. 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.
  6. Nidardo, J. & Fortin, N. & Lemieux, T., 1994. "Labor Market Institutions and the Distribution of Wages, 1973-1992: A Semiparametric Approach," Papers 93-94-15, California Irvine - School of Social Sciences.
  7. 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.
  8. Kristin F. Butcher & John Dinardo, 2002. "The Immigrant and Native-Born Wage Distributions: Evidence from United States Censuses," ILR Review, Cornell University, ILR School, vol. 56(1), pages 97-121, October.
  9. Patrick Bayer & Fernando Ferreira & Robert McMillan, 2007. "A Unified Framework for Measuring Preferences for Schools and Neighborhoods," Journal of Political Economy, University of Chicago Press, vol. 115(4), pages 588-638, 08.
  10. Vigdor, Jacob L. & Glaeser, Edward & Cutler, David, 2008. "Is the Melting Pot Still Hot? Explaining the Resurgence of Immigrant Segregation," Scholarly Articles 2664275, Harvard University Department of Economics.
  11. Nikola Dvornak & Marion Kohler, 2007. "Housing Wealth, Stock Market Wealth and Consumption: A Panel Analysis for Australia," The Economic Record, The Economic Society of Australia, vol. 83(261), pages 117-130, 06.
  12. David Card & Alexandre Mas & Jesse Rothstein, 2007. "Tipping and the Dynamics of Segregation," NBER Working Papers 13052, National Bureau of Economic Research, Inc.
  13. 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.
  14. Chiswick, Barry R. & Lee, Yew Liang & Miller, Paul W., 2002. "The Determinants of the Geographic Concentration among Immigrants: Application to Australia," IZA Discussion Papers 462, Institute for the Study of Labor (IZA).
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