Abstract:

There is a complicated interaction between industrial structure and population structure in the urban industrial development, and both of them impact on real estate price. This paper uses the data of 70 large and middle cities to examine the interaction among population structure, industrial structure and real estate price. It shows that population affects housing price through influencing industrial structure while industrial structure independently affects housing price. In addition, immigrants have a significant effect on both population structure and industrial structure. They increase the labor supply for the second industry while decrease the average educational level in the third industry. Therefore, the assumption that a high immigrant ratio increases the housing price is only true in cities with similar industrial structure. As far as the third industry is concerned, when immigrant ratio is higher, housing price will be lower.

Key words: industrial structure, population structure, immigrant, housing price