Full Citation
Title: The Impact of International Students on Housing Markets
Citation Type: Miscellaneous
Publication Year: 2021
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Abstract: We study the impact of the 2005-2015 international student boom in US universities on local housing markets. By constructing a sample of American college towns characterizing rarely studied local markets in small urban areas, we show that international students exogenously sustained demand for rentals and residential investment, representing countercyclical shocks during the Great Recession. Exploiting the historical distribution of foreign enrollment across college towns and country-of-origin networks, we find that international students increased rents by 1.3% and home prices by 2.5% relative to the housing boom peak, translating into home equity gains of $4,000. An analysis exploiting within-city dynamics reveals that neighborhoods near campus absorbed international inflows by replacing single-family homes with apartment rentals.
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Authors: Mocanu, Tatiana; Tremacoldi-Rossi, Pedro
Publisher: University of Illinois at Urbana-Champaign
Data Collections: IPUMS USA, IPUMS NHGIS
Topics: Housing and Segregation
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