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Does Close Count? School Proximity, School Quality, and Residential Property Values

Author

Listed:
  • Owusu-Edusei, Kwame
  • Espey, Molly
  • Lin, Huiyan

Abstract

This study jointly estimates the impact of school quality and school proximity on residential property values in Greenville, South Carolina. While quality is found to be capitalized into residential property values, the degree of capitalization depends on school level and proximity to each school for which the house is zoned for attendance. In general, there is positive value associated with closer proximity to schools of all levels, and negative value associated with a significantly longer than average distance to schools. In terms of quality rankings, excellence at the elementary and high school levels has the strongest impact on property values.

Suggested Citation

  • Owusu-Edusei, Kwame & Espey, Molly & Lin, Huiyan, 2007. "Does Close Count? School Proximity, School Quality, and Residential Property Values," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 39(01), April.
  • Handle: RePEc:ags:joaaec:6609
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    File URL: http://purl.umn.edu/6609
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    Cited by:

    1. David M. Brasington & Diane Hite, 2014. "School Choice: Supporters And Opponents," Contemporary Economic Policy, Western Economic Association International, vol. 32(1), pages 76-92, January.
    2. Biel E. Metz, 2015. "Effect of Distance to Schooling on Home Prices," The Review of Regional Studies, Southern Regional Science Association, vol. 45(2), pages 151-171, Fall.
    3. Vivek Sah & Stephen J. Conroy & Andrew Narwold, 2016. "Estimating School Proximity Effects on Housing Prices: the Importance of Robust Spatial Controls in Hedonic Estimations," The Journal of Real Estate Finance and Economics, Springer, vol. 53(1), pages 50-76, July.
    4. Nguyen-Hoang, Phuong & Yinger, John, 2011. "The capitalization of school quality into house values: A review," Journal of Housing Economics, Elsevier, vol. 20(1), pages 30-48, March.

    More about this item

    Keywords

    hedonics; park proximity; school proximity; school quality; Land Economics/Use; I21; O18; R21;

    JEL classification:

    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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