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By The World Flag , via Wikimedia Commons
A recent study from the nonpartisan Partnership for a New American Economy puts a dollar amount on the effect of immigration on real estate. Among the group’s members are Charleston mayor Joe Riley, Columbia mayor Steve Benjamin and Boeing CEO Jim McNerney. The study examined each county in the Unites States — including Charleston, Berkeley, and Dorchester — to determine if a correlation between real estate values and immigration rates could be established. The study found that the 40 million non-U.S.-born residents living in the country collectively have added $3.7 trillion in housing wealth.
Generally speaking, areas with the biggest increases in immigrant populations have also experienced higher increases in housing prices over the last 10 years. Here are some examples:
Colleton County added 383 foreign-born individuals to its population between 2000 and 2010; the county’s median home value increased by $44.
Dorchester County added 2,517 foreign-born individuals to its population between 2000 and 2010; the county’s median home value increased by $291.
Berkeley County added 4,953 foreign-born individuals to its population between 2000 and 2010; the county’s median home value increased by $572.
Richland County added 7,019 foreign-born individuals to its population between 2000 and 2010; the county’s median home value increased by $811.
Charleston County added 8,103 foreign-born individuals to its population between 2000 and 2010; the county’s median home value increased by $936.
Greenville County added 16,700 foreign-born individuals to its population between 2000 and 2010; the county’s median home value increased by $1,849.
