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

Amanda Ang et al.

Journal of Urban Economics2026https://doi.org/10.1016/j.jue.2026.103860article
AJG 3ABDC A*
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0.50

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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https://doi.org/https://doi.org/10.1016/j.jue.2026.103860

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@article{amanda2026,
  title        = {{Asian immigrants, school quality, and the U.S. housing market}},
  author       = {Amanda Ang et al.},
  journal      = {Journal of Urban Economics},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1016/j.jue.2026.103860},
}

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Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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