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The Impact of Public School Attributes on Home Sale Prices in California

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  • David E. Clark

Abstract

The quality of public schools is often cited as an important attribute which distinguishes a community. Indeed, a recent public opinion poll conducted by the California Public Education Partnership indicates that residents rank improvements in public education higher than such high profile issues as environmental quality and crime reduction. In order to explore the role of educational quality in determining residential property values, a hedonic housing price model is used on a large sample of homes which sold within Fresno County in California over the period 1990-1994. After controlling for a wide range of housing characteristics and neighborhood features, the findings indicate that the school district does significantly influence the real sale price. Then the relative importance of inputs into the production of educational services is investigated as compared to output measures of productivity. These findings suggest that both input and output measures are important. However, elasticity estimates of input measures tend to be higher than those of output measures, with the average class size by far the strongest influence. There is some evidence to suggest that the benefits of additional teachers likely outweigh the costs. Finally, the findings suggest that attributes of schools are more highly valued by local residents than either crime or environmental quality measures within the community. Copyright 2000 Gatton College of Business and Economics, University of Kentucky.

Suggested Citation

  • David E. Clark, 2000. "The Impact of Public School Attributes on Home Sale Prices in California," Growth and Change, Wiley Blackwell, vol. 31(3), pages 385-407.
  • Handle: RePEc:bla:growch:v:31:y:2000:i:3:p:385-407
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    Citations

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    Cited by:

    1. Alexandre Tangerini & Nils Soguel, 2005. "Evaluation monétaire de la qualité du paysage. Monetary valuation of the landscape quality," Urban/Regional 0507002, EconWPA.
    2. Andrew Narwold & Jonathan Sandy & Charles Tu, 2008. "Historic Designation and Residential Property Values," International Real Estate Review, Asian Real Estate Society, vol. 11(1), pages 83-95.
    3. John Matthews & Geoffrey Turnbull, 2007. "Neighborhood Street Layout and Property Value: The Interaction of Accessibility and Land Use Mix," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 111-141, August.
    4. Yadavalli, Anita P. & Florax, Raymond J.G.M., 2013. "The Effect of School Quality on House Prices: A Meta-Regression Analysis," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 151291, Agricultural and Applied Economics Association.
    5. 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.
    6. Arteaga, Julio Cesar & Lopez, Humberto, 2009. "Valuación de las características de las viviendas sujetas a financiamiento público: el caso del área metropolitana de Monterrey
      [Valuing characteristics of houses subject to public financing: the c
      ," MPRA Paper 33272, University Library of Munich, Germany.
    7. 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.
    8. Çağlayan Ebru & Arikan Eban, 2011. "Determinants of house prices in Istanbul: a quantile regression approach," Quality & Quantity: International Journal of Methodology, Springer, vol. 45(2), pages 305-317, February.
    9. Alexandre Tangerini & Nils Soguel, 2005. "Evaluation monétaire de la qualité de paysage / Evaluation of the landscape quality," Urban/Regional 0507007, EconWPA.
    10. Sebastian Brandt & Wolfgang Maennig & Felix Richter, 2013. "Do places of worship affect housing prices? Evidence from Germany," Working Papers 048, Chair for Economic Policy, University of Hamburg.
    11. Eric Thompson & David Rosenbaum & Benjamin Schmitz, 2011. "Property values on the plains: the impact of historic preservation," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 47(2), pages 477-491, October.
    12. David E. Clark, 2004. "Amenity Valuation, Incomplete Compensation and Migration," Working Papers and Research 0402, Marquette University, Center for Global and Economic Studies and Department of Economics.
    13. Sebastian Brandt & Wolfgang Maennig & Felix Richter, 2014. "Do Houses of Worship Affect Housing Prices? Evidence from Germany," Growth and Change, Wiley Blackwell, vol. 45(4), pages 549-570, December.
    14. repec:gam:jsusta:v:10:y:2018:i:3:p:884-:d:137140 is not listed on IDEAS
    15. Charles C. Tu, 2005. "How Does a New Sports Stadium Affect Housing Values? The Case of FedEx Field," Land Economics, University of Wisconsin Press, vol. 81(3).
    16. 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.

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