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Which Measures of School Quality Does the Housing Market Value?

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Author Info
David M. Brasington () (Tulane University, New Orleans New Orleans, LA 70118)

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Abstract

This study explores which measures of public school quality the housing market values. Both a traditional hedonic house price estimation and a hedonic corrected for spatial autocorrelation are used. Proficiency tests, expenditure per pupil and the pupil / teacher ratio are consistently capitalized into housing prices. Teacher salary and student attendance rates are also valued, but these results are sensitive to the estimation technique employed. Value-added measures, the graduation rate, teacher experience levels and teacher education levels are not consistently positively related to housing prices, so researchers should probably avoid using them as public education quality measures.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol18n03/v18o395.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 18 (1999)
Issue (Month): 3 ()
Pages: 395-414
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Handle: RePEc:jre:issued:v:18:n:3:1999:p:395-414

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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Donald Haurin & David Brasington, 1996. "The Impact of School Quality on Real House Prices: Interjurisdictional Effects," Working Papers 010, Ohio State University, Department of Economics. [Downloadable!]
  2. R. Kelley Pace, 1998. "Total Grid Estimation," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 101-114. [Downloadable!]
  3. Summers, Anita A & Wolfe, Barbara L, 1977. "Do Schools Make a Difference?," American Economic Review, American Economic Association, vol. 67(4), pages 639-52, September. [Downloadable!] (restricted)
  4. Rosen, Harvey S & Fullerton, David J, 1977. "A Note on Local Tax Rates, Public Benefit Levels, and Property Values," Journal of Political Economy, University of Chicago Press, vol. 85(2), pages 433-40, April. [Downloadable!] (restricted)
  5. Michael L. Walden, 1990. "Magnet Schools and the Differential Impact of School Quality on Residential Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 5(2), pages 221-230. [Downloadable!]
  6. David M. Brasington, 2000. "Demand and Supply of Public School Quality in Metropolitan Areas: The Role of Private Schools," Journal of Regional Science, Blackwell Publishing, vol. 40(3), pages 583-605. [Downloadable!] (restricted)
  7. Linneman, Peter, 1980. "Some empirical results on the nature of the hedonic price function for the urban housing market," Journal of Urban Economics, Elsevier, vol. 8(1), pages 47-68, July. [Downloadable!] (restricted)
  8. Harrison, David Jr. & Rubinfeld, Daniel L., 1978. "Hedonic housing prices and the demand for clean air," Journal of Environmental Economics and Management, Elsevier, vol. 5(1), pages 81-102, March. [Downloadable!] (restricted)
  9. Pace, R Kelley, et al, 1998. "Spatiotemporal Autoregressive Models of Neighborhood Effects," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 15-33, July. [Downloadable!] (restricted)
  10. G. Donald Jud & Terry G. Seaks, 1994. "Sample Selection Bias in Estimating Housing Sales Prices," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 289-298. [Downloadable!]
  11. Anselin, Luc & Hudak, Sheri, 1992. "Spatial econometrics in practice : A review of software options," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 509-536, September. [Downloadable!] (restricted)
  12. Grether, D. M. & Mieszkowski, Peter, 1974. "Determinants of real estate values," Journal of Urban Economics, Elsevier, vol. 1(2), pages 127-145, April. [Downloadable!] (restricted)
  13. Goodman, Allen C. & Thibodeau, Thomas G., 1998. "Housing Market Segmentation," Journal of Housing Economics, Elsevier, vol. 7(2), pages 121-143, June. [Downloadable!] (restricted)
  14. Francois Des Rosiers & Marius Theriault, 1996. "Rental Amenities and the Stability of Hedonic Prices: A Comparative Analysis of Five Market Segments," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 17-36. [Downloadable!]
  15. Sonstelie, Jon C. & Portney, Paul R., 1980. "Gross rents and market values: Testing the implications of Tiebout's hypothesis," Journal of Urban Economics, Elsevier, vol. 7(1), pages 102-118, January. [Downloadable!] (restricted)
  16. Oates, Wallace E, 1969. "The Effects of Property Taxes and Local Public Spending on Property Values: An Empirical Study of Tax Capitalization and the Tiebout Hypothesis," Journal of Political Economy, University of Chicago Press, vol. 77(6), pages 957-71, Nov./Dec.. [Downloadable!] (restricted)
  17. Kathy J. Hayes & Lori L. Taylor, 1996. "Neighborhood school characteristics: what signals quality to homebuyers?," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q IV, pages 2-9. [Downloadable!]
  18. G. Donald Jud, 1985. "A Further Note on Schools and Housing Values," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 13(4), pages 452-462. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. David Brasington & Don Haurin, . "Capitalization of Parent, School, and Peer Group Components of School Quality into House Price," Departmental Working Papers 2005-04, Department of Economics, Louisiana State University. [Downloadable!]
  2. Charles Ka Yui Leung & Kelvin Siu Kei Wong & Patrick Wai Yin Cheung, 2007. "On the Stability of the Implicit Prices of Housing Attributes: A Dynamic Theory and Some Evidence," International Real Estate Review, Asian Real Estate Society, vol. 10(2), pages 66-93. [Downloadable!]
  3. David Mayston, 2006. "Competition and Resource Effectiveness in Education," Discussion Papers 06/05, Department of Economics, University of York. [Downloadable!]
  4. David M. Brasington & Diane Hite, . "Demand for Environmental Quality: A Spatial Hedonic Approach," Departmental Working Papers 2005-08, Department of Economics, Louisiana State University. [Downloadable!]
  5. Krister Sandberg, 2003. "On Space-Time Changes of Hedonic Prices for Single Family Homes," ERSA conference papers ersa03p275, European Regional Science Association. [Downloadable!]
  6. Paul Mogush & Kevin Krizek & David Levinson, 2005. "Value of Trail Access on Home Purchases," Working Papers 000011, University of Minnesota: Nexus Research Group. [Downloadable!]
  7. Ozturk, Erdogan & Irwin, Elena G., 2001. "Explaining Household Location Choices Using A Spatial Probit Model," 2001 Annual meeting, August 5-8, Chicago, IL 20626, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  8. David Brasington & Don Haurin, . "Educational Outcomes and House Values: A Test of the Value-Added Approach," Departmental Working Papers 2005-03, Department of Economics, Louisiana State University. [Downloadable!]
    Other versions:
  9. Paul Asabere & Forrest Huffman, 2009. "The Relative Impacts of Trails and Greenbelts on Home Price," The Journal of Real Estate Finance and Economics, Springer, vol. 38(4), pages 408-419, May. [Downloadable!] (restricted)
  10. Theodore M. Crone, 2006. "Capitalization of the quality of local public schools: what do home buyers value?," Working Papers 06-15, Federal Reserve Bank of Philadelphia. [Downloadable!]
  11. Bhattarai, Gandhi R. & Pandit, Ram & Hite, Diane, 2004. "Willingness To Pay For Public Goods: A Hedonic Demand Model For Neighborhood Safety, School And Environmental Quality," 2004 Annual Meeting, February 14-18, 2004, Tulsa, Oklahoma 34628, Southern Agricultural Economics Association. [Downloadable!]
  12. David M. Brasington & Donald R. Haurin, 2008. "Parents, peers, or school inputs: Which components of school outcomes are capitalized into house value?," University of Cincinnati, Economics Working Papers Series 2008-09, University of Cincinnati, Department of Economics. [Downloadable!]
    Other versions:
  13. Steven F. Kreft, 2007. "An Efficiency Comparison of City Managers and Elected Mayors," Working Papers 2007-02, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy. [Downloadable!]
  14. Shihe Fu, 2005. "What Has Been Capitalized into Property Values: Human Capital, Social Capital, or Cultural Capital?," Working Papers 05-25, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
  15. Joshua Hall, 2007. "Local School Finance and Productive Efficiency: Evidence from Ohio," Atlantic Economic Journal, International Atlantic Economic Society, vol. 35(3), pages 289-301, September. [Downloadable!] (restricted)
  16. Leech, D. & Campos, E., 2000. "Is Comprehensive Education Really Free? A Study of the Effects of Secondary School Admissions Policies on House Prices," The Warwick Economics Research Paper Series (TWERPS) 581, University of Warwick, Department of Economics. [Downloadable!]
  17. Daniel Millimet; Vasudha Rangaprasad, 2004. "Strategic Competition Amongst Public Schools," Econometric Society 2004 North American Summer Meetings 197, Econometric Society. [Downloadable!]
    Other versions:
  18. Owusu-Edusei, Kwame & Espey, Molly, 2003. "School Quality And Property Values In Greenville, South Carolina," Working Papers 18809, Clemson University, Department of Agricultural and Applied Economics. [Downloadable!]
  19. David M. Brasington, 2002. "Differences in the Production of Education Across Regions and Urban and Rural Areas," Regional Studies, Taylor and Francis Journals, vol. 36(2), pages 137-145, April. [Downloadable!] (restricted)
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