Decomposing the Impact of Immigration on House Prices PDF Download
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Author: Rosa Sanchis-Guarner
Publisher:
ISBN:
Category :
Languages : en
Pages : 58
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Book Description
An inflow of immigrants into a region impacts house prices in three ways. For a fixed level of local population, housing demand rises due to the increase in foreign-born population. In addition, immigrants can influence native location decisions and induce additional shifts in demand. Finally, changes in housing supply conditions can in turn affect prices. Existing reduced form estimates of the effect of immigration on house prices capture the sum of all these effects. In this paper I propose a methodology to identify the different channels driving the total effect. I show that, conditional on supply, total changes in housing demand can be decomposed into the sum of direct immigrant demand and indirect demand changes from relocated population. The size and sign of the indirect demand effect depends on the impact of immigration on native mobility. I use Spanish data during the period 2001-2012 to estimate the different elements of the decomposition, applying an instrumental variables strategy to obtain consistent coefficients. The results show that overlooking the impact of immigration on native location induces a sizeable difference between the total and the immigrant demand effects, affecting the interpretation of the estimates.
Author: Rosa Sanchis-Guarner
Publisher:
ISBN:
Category :
Languages : en
Pages : 58
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Book Description
An inflow of immigrants into a region impacts house prices in three ways. For a fixed level of local population, housing demand rises due to the increase in foreign-born population. In addition, immigrants can influence native location decisions and induce additional shifts in demand. Finally, changes in housing supply conditions can in turn affect prices. Existing reduced form estimates of the effect of immigration on house prices capture the sum of all these effects. In this paper I propose a methodology to identify the different channels driving the total effect. I show that, conditional on supply, total changes in housing demand can be decomposed into the sum of direct immigrant demand and indirect demand changes from relocated population. The size and sign of the indirect demand effect depends on the impact of immigration on native mobility. I use Spanish data during the period 2001-2012 to estimate the different elements of the decomposition, applying an instrumental variables strategy to obtain consistent coefficients. The results show that overlooking the impact of immigration on native location induces a sizeable difference between the total and the immigrant demand effects, affecting the interpretation of the estimates.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Mr.Damien Puy
Publisher: International Monetary Fund
ISBN: 1513529269
Category : Business & Economics
Languages : en
Pages : 31
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Book Description
We test whether foreign demand matters for local house prices in the US using an identification strategy based on the existence of “home bias abroad” in international real estate markets. Following an extreme political crisis event abroad, a proxy for a strong and exogenous shift in foreign demand, we show that house prices rise disproportionately more in neighbourhoods with a high concentration of population originating from the crisis country. This effect is strong, persistent, and robust to the exclusion of major cities. We also show that areas that were already expensive in the late 1990s have experienced the strongest foreign demand shocks and the biggest drop in affordability between 2000 and 2017. Our findings suggest a non-trivial causal effect of foreign demand shocks on local house prices over the last 20 years, especially in neighbourhoods that were already rather unaffordable for the median household.
Author: Matthew Larkin
Publisher:
ISBN:
Category :
Languages : en
Pages : 22
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Book Description
The sharp rise in international migration is a pressing social and economic issue, as seen in the recent global trend towards nationalism. One major concern is the impact of immigration on housing. We assemble a comprehensive database of 474 estimates of immigration's impact on house prices in 14 destination countries and find that immigration increases house prices, on average. However, attitudes to immigrants moderate this effect. In countries less welcoming to immigrants, house price increases are more limited.
Author: Karima Kourtit
Publisher: Springer
ISBN: 9783030482930
Category : Business & Economics
Languages : en
Pages : 581
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Book Description
This handbook presents a collection of high-quality, authoritative scientific contributions on cross-border migration, written by a carefully selected group of recognized migration experts from around the globe. In recent years, cross-border migration has become an important and intriguing issue, from both a scientific and policy perspective. In the ‘age of migration’, the volume of cross-border movements of people continues to rise, while the nature of migration flows – in terms of the determinants, length of stay, effects on the sending and host countries, and legal status of migrants – is changing dramatically. Based on a detailed economic-geographical analysis, this handbook studies the motives for cross-border migration, the socio-economic implications for sending countries and regions, the locational choice determinants for cross-border migrants, and the manifold economic-geographic consequences for host countries and regions. Given the complexity of migration decisions and their local or regional impacts, a systematic typology of migrants (motives, legal status, level of education, gender, age, singles or families, etc.) is provided, together with an assessment of push factors in the place of origin and pull factors at the destination. On the basis of a solid analytical framework and reliable empirical evidence, it examines the impacts of emigration for sending areas and of immigration for receiving areas, and provides a comprehensive discussion of the policy dimensions of cross-border migration.
Author: Sona Kalantaryan
Publisher:
ISBN:
Category : Immigrants
Languages : en
Pages : 0
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Book Description
In this study I empirically examine the impact of immigration on the dynamics of housing prices across Italian provinces from 1996 till 2007. The massive debate upon the impact of current intensive immigration flows on the wellbeing of the native Italian population and Europeans in general is mainly focused on labor market outcomes which is, however, only one of the channels though which the real income and wealth can alter. This paper contributes to our understanding of the influence that recent intensive immigration flows have on the Italian economy by estimating its impact on the housing market. Moreover, it exploits different methodological approach with respect to the approach dominating in migration literature. Using the number of valid residence permits as a measure of immigration stock and the self-reported housing values from the Survey of Households Income Wealth in Italy I find that the increase in the concentration of immigrants in the Italian provinces has a positive but declining effect on the average housing prices in provinces. The obtained results also indicate that an increase of in immigrant population leads to an increase in average housing prices. The performed Difference and System GMM estimations confirm both the positive response of average housing prices to the increase in immigrant population and the non-linearity of its response to immigrants' concentration in all specifications.
Author: Leo Grebler
Publisher: Free Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 280
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Author: National Academies of Sciences, Engineering, and Medicine
Publisher: National Academies Press
ISBN: 0309444454
Category : Social Science
Languages : en
Pages : 643
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Book Description
The Economic and Fiscal Consequences of Immigration finds that the long-term impact of immigration on the wages and employment of native-born workers overall is very small, and that any negative impacts are most likely to be found for prior immigrants or native-born high school dropouts. First-generation immigrants are more costly to governments than are the native-born, but the second generation are among the strongest fiscal and economic contributors in the U.S. This report concludes that immigration has an overall positive impact on long-run economic growth in the U.S. More than 40 million people living in the United States were born in other countries, and almost an equal number have at least one foreign-born parent. Together, the first generation (foreign-born) and second generation (children of the foreign-born) comprise almost one in four Americans. It comes as little surprise, then, that many U.S. residents view immigration as a major policy issue facing the nation. Not only does immigration affect the environment in which everyone lives, learns, and works, but it also interacts with nearly every policy area of concern, from jobs and the economy, education, and health care, to federal, state, and local government budgets. The changing patterns of immigration and the evolving consequences for American society, institutions, and the economy continue to fuel public policy debate that plays out at the national, state, and local levels. The Economic and Fiscal Consequences of Immigration assesses the impact of dynamic immigration processes on economic and fiscal outcomes for the United States, a major destination of world population movements. This report will be a fundamental resource for policy makers and law makers at the federal, state, and local levels but extends to the general public, nongovernmental organizations, the business community, educational institutions, and the research community.
Author: Ryan Murphy
Publisher:
ISBN:
Category :
Languages : en
Pages : 16
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Book Description
This research note applies previously estimated effects of immigration on housing values to urban counties in the United States. Determining the extent to which increase in urban housing values is attributable to immigration fills a gap in the economics literature. Furthermore, our findings here also help estimate how much of the increase in the net-capital share of income since 1970 as observed by Piketty (2014) is caused by immigration. We find that in most urban counties in the United States, increased levels of immigration have had a modest but non-negligible effect on the level of real estate prices. These effects explain 32.4 percent of the increases in housing prices in the 20 densest counties since 1970, which we interpret in terms of capital share, following Rognlie (2015). While not all housing is urban, the magnitudes of these results suggest that there is some link between increased levels of immigrants and a higher capital share since 1970.
Author: David Ley
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
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