Events
August, 2006
Program: The Economics of Immigration
Location: The Union League, Philadelphia
Audience: Policy makers, funders, bankers, real estate professionals and professors
The Economics of Immigration
Philadelphia -- Immigrants are the primary force behind real estate development in the U.S., and their housing patterns and tastes will continue to drive the market until 2050. That was the message from Wharton Business School Assistant Professor Albert Saiz, who spoke Aug. 17 at a lunch co-sponsored by the Welcoming Center and Al Dia. The reason: Immigrants make up a large portion of the population growth, and a bigger population means a greater need for housing.
In an in-depth presentation on our website, Dr. Saiz drew on research from around the country to describe immigrant housing patterns, and how the presence or absence of immigrants affects rental and housing purchase prices in communities. He compared immigrants and native-born first-time homebuyers, showing that the two groups have nearly identical purchasing patterns with regard to the size, age, and type of their first houses. On the question of whether immigrants are living in lower-quality housing stock, he presented evidence that immigrants invest as much or more than non-immigrants in the renovation and upkeep of their homes. Finally, Dr. Saiz discussed his own analysis of the perennial question: Does culture matter? using data on homeownership rates in immigrants’ countries of origin vs. the U.S.
"A world of true security is only possible when the full range of human rights-- civil and political, as well as economic, social and cultural--are guaranteed for all people. What we need now is a new approach--which begins with a broader understanding of what defines human and global security. We must craft a policy that manages and balances our increasing interdependence with our increased vulnerability. Governments from both the North and South must expand their thinking and policies to encompass a broader understanding of security beyond the security of states."
--Mary Robinson, Executive Director, Realizing Rights: The Ethical Globalization Initiative 
Quick Tip
View our study on How Immigrants Affect the Workforce.
