Michelle Yuanying Guan, Ph.D., AS
Micah Pollak, Ph.D.
The 2007/2008 housing market and financial crisis in the United States highlighted the need for a better understanding of how demographic and population trends affect the housing market. A recent U.S. population trend has been a significant growth in foreign-born population through immigration. Using panel data on housing, immigration and other socioeconomic variables for U.S. metropolitan statistical areas for the years between 2009 and 2016, we analyze the relationship between immigration and housing prices common across these areas. We show that foreign-born population growth is associated with falling housing prices and rising rent prices, which is consistent with differences in housing preferences between foreign-born and native population. However, individual-specific effects for U.S. metropolitan areas play a larger role than any common factor.
Dr. Michelle Yuanying Guan is an Associate Professor in the Department of Mathematics and Actuarial Science at Indiana University Northwest. She earned a Ph.D. in Financial Mathematics from Florida State University, and a B.S. in Applied Mathematics from Peking University. She is an active member of the Organizing Committee for the Actuarial Science Educational Panel for Faculty at the annual Joint Mathematics Meetings.
Dr. Micah Pollak is an Assistant Professor of Economics in the School of Business and Economics at Indiana University Northwest. He earned his PhD in Economics from the University of Illinois and joined the faculty in 2012. His research areas include the financial economics, applied microeconomics and regional economics and he has published research on the unique economic and demographic challenges that face the Gary, IN Metropolitan area.