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Magnet Schools and the Differential Impact of School Quality on Residential Property Values

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    Abstract

    Previous research has concluded that public school quality is capitalized into local house prices. This result is reasonable if residents are assigned to local schools and have no freedom of school choice. The magnet school concept gives parents some degree of freedom of choice for schools within a local school district. The availability of magnet schools should thus reduce the capitalized value of school quality within a school district. This hypothesis is tested using data from Wake County (Raleigh), North Carolina. The results show that school levels where the magnet program has been most extensively implemented have lower capitalized values.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol05n02/v05p221.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 5 (1990)
    Issue (Month): 2 ()
    Pages: 221-230

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    Handle: RePEc:jre:issued:v:5:n:2:1990:p:221-230

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. Vladimir Bajic, 1985. "Housing-Market Segmentation and Demand for Housing Attributes: Some Empirical Findings," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 13(1), pages 58-75.
    2. 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.
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    Cited by:
    1. Chugunov, D., 2013. "Impact of School Quality and Neighborhoods on Housing Prices in Moscow," Journal of the New Economic Association, New Economic Association, vol. 17(1), pages 87-112.
    2. David M. Brasington, 1999. "Which Measures of School Quality Does the Housing Market Value?," Journal of Real Estate Research, American Real Estate Society, vol. 18(3), pages 395-414.
    3. Su Han Chan & Shin-Hering Michelle Chu & George H. Lentz & Ko Wang, 1998. "Intra-Project Externality and Layout Variables in Residential Condominium Appraisals," Journal of Real Estate Research, American Real Estate Society, vol. 15(2), pages 131-146.
    4. Ihlanfeldt, Keith R. & Scafidi, Benjamin P., 2002. "An Empirical Analysis of the Cause of Neighborhood Racial Segregation," Berkeley Program on Housing and Urban Policy, Working Paper Series qt70j3n8bh, Berkeley Program on Housing and Urban Policy.
    5. Steven Carter, 2008. "Court-ordered Busing and Housing Prices: The Case of Pasadena and San Marino," Journal of Real Estate Research, American Real Estate Society, vol. 30(3), pages 377-394.
    6. 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.
    7. Chowdhury, Tasnim & Datta, Rajib & Mohajan, Haradhan, 2013. "Green finance is essential for economic development and sustainability," MPRA Paper 51169, University Library of Munich, Germany, revised 09 Jun 2013.
    8. Brasington, D. M., 2003. "The supply of public school quality," Economics of Education Review, Elsevier, vol. 22(4), pages 367-377, August.
    9. Michael Devaney & William Rayburn, 1993. "Neighborhood Racial Transition and Housing Returns: A Portfolio Approach," Journal of Real Estate Research, American Real Estate Society, vol. 8(2), pages 239-252.

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