Replication Package for: Asian Immigrants, School Quality, and the U.S. Housing Market
Description
Replication package for "Asian Immigrants, School Quality, and the U.S. Housing Market" by Amanda Ang, Eunjee Kwon, and Siqi Zheng (Journal of Urban Economics, 2026). This paper examines how rising Asian population shares in U.S. counties affect local housing prices, decomposing the total effect into an education channel (improvements in school quality capitalized into home values) and a non-education channel (capital inflows and other neighborhood changes). Using county-level panel data (2009–2018) and a dual instrumental variable strategy (a shift-share IV for Asian population shares and a Race to the Top teacher reform IV for standardized test scores) we find that a one-percentage-point increase in the Asian share raises housing prices by 13.47%. Roughly one-third of this effect (4.97%) operates through education capitalization, while the remaining two-thirds (9.27%) reflects non-education factors. The education channel is strongest in counties with both high Asian capital inflows and a large share of school-aged Asian children. The dataset contains county-level variables on housing prices (Zillow ZHVI, FHFA HPI), standardized test scores by race (Stanford SEDA), population shares by race/ethnicity (CDC SEER), visa issuance statistics (U.S. State Department), teacher accountability reform indicators, and 1980 Census settlement patterns, among others. All data are publicly available; three IPUMS USA microdata extracts cannot be redistributed but instructions for obtaining them are included in the README. The package includes Stata and R code reproducing all tables (Tables 2–5, A1–A13) and figures (Figures 1–4, A1–A5). Software requirements: Stata 16+ and R 4.5.2+. Estimated runtime: 15–30 minutes. See README.pdf for full instructions.