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Are Rising College Premiums Capitalized into House Prices? Evidence from China

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  • Leilei Shen
  • Tracy M. Turner

Abstract

Many areas in China experienced steeply rising house prices beginning in 2003. We test whether a change in local residency requirements may have played a role in driving up house prices in some places by tying access to Chinese universities to local homeownership status in the presence of a rising college premium. We generate a novel dataset that combines China housing market and neighborhood data with household and university admission data. We find evidence of capitalization effects and a sizable increase in the likelihood of homeownership postpolicy change in places with the greatest preferential access to China's elite universities.

Suggested Citation

  • Leilei Shen & Tracy M. Turner, 2018. "Are Rising College Premiums Capitalized into House Prices? Evidence from China," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 46(2), pages 449-486, June.
    • Handle: RePEc:bla:reesec:v:46:y:2018:i:2:p:449-486
    DOI: 10.1111/1540-6229.12172
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    Cited by:

    1. Geoffrey K. Turnbull & Minrong Zheng, 2021. "A Meta‐Analysis of School Quality Capitalization in U.S. House Prices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(4), pages 1120-1171, December.
    2. Tao Li, 2020. "The Value of Access to Rail Transit in a Congested City: Evidence from Housing Prices in Beijing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 48(2), pages 556-598, June.
    3. Eli Beracha & William G. Hardin, 2021. "The housing price premium associated with charter schools," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(4), pages 1267-1289, December.

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