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House prices and the quality of public schools: what are we buying?

  • Theodore M. Crone
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    Do house prices reflect the quality of the local public schools? To what extent do school district policies determine how well students perform? How do such factors as neighborhood, family, and peers affect school quality and house prices? Ted Crone examines these questions, and others, to determine whether house prices do, indeed, include a school premium.

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    File URL: http://www.phil.frb.org/files/br/brso98tc.pdf
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    Article provided by Federal Reserve Bank of Philadelphia in its journal Business Review.

    Volume (Year): (1998)
    Issue (Month): Sep ()
    Pages: 3-14

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    Handle: RePEc:fip:fedpbr:y:1998:i:sep:p:3-14
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    1. Reinhard, Raymond M, 1981. "Estimating Property Tax Capitalization: A Further Comment," Journal of Political Economy, University of Chicago Press, vol. 89(6), pages 1251-60, December.
    2. Boardman, Anthony E. & Davis, Otto A. & Sanday, Peggy R., 1977. "A simultaneous equations model of the educational process," Journal of Public Economics, Elsevier, vol. 7(1), pages 23-49, February.
    3. Brown, Byron W & Saks, Daniel H, 1975. "The Production and Distribution of Cognitive Skills within Schools," Journal of Political Economy, University of Chicago Press, vol. 83(3), pages 571-93, June.
    4. David Card & Alan Krueger, 1996. "Labor Market Effects of School Quality: Theory and Evidence," Working Papers 736, Princeton University, Department of Economics, Industrial Relations Section..
    5. King, A Thomas, 1977. "Estimating Property Tax Capitalization: A Critical Comment," Journal of Political Economy, University of Chicago Press, vol. 85(2), pages 425-31, April.
    6. Donald N. Baum, 1986. "A Simultaneous Equations Model of the Demand for and Production of Local Public Services: the Case of Education," Public Finance Review, , vol. 14(2), pages 157-178, April.
    7. Sandra E. Black, 1999. "Do Better Schools Matter? Parental Valuation Of Elementary Education," The Quarterly Journal of Economics, MIT Press, vol. 114(2), pages 577-599, May.
    8. Dusansky, Richard & Ingber, Melvin & Karatjas, Nicholas, 1981. "The impact of property taxation on housing values and rents," Journal of Urban Economics, Elsevier, vol. 10(2), pages 240-255, September.
    9. Hanushek, Eric A, 1992. "The Trade-Off between Child Quantity and Quality," Journal of Political Economy, University of Chicago Press, vol. 100(1), pages 84-117, February.
    10. James Heckman & Anne Layne-Farrar & Petra Todd, 1995. "Does Measured School Quality Really Matter? An Examination of the Earnings-Quality Relationship," NBER Working Papers 5274, National Bureau of Economic Research, Inc.
    11. Henderson, Vernon & Mieszkowski, Peter & Sauvageau, Yvon, 1978. "Peer group effects and educational production functions," Journal of Public Economics, Elsevier, vol. 10(1), pages 97-106, August.
    12. Betts, Julian R, 1995. "Does School Quality Matter? Evidence from the National Longitudinal Survey of Youth," The Review of Economics and Statistics, MIT Press, vol. 77(2), pages 231-50, May.
    13. Bogart, William T. & Cromwell, Brian A., 1997. "How Much More is a Good School District Worth?," National Tax Journal, National Tax Association, vol. 50(2), pages 215-32, June.
    14. Brueckner, Jan K., 1979. "Property values, local public expenditure and economic efficiency," Journal of Public Economics, Elsevier, vol. 11(2), pages 223-245, March.
    15. 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.
    16. Mingche M. Li & H. James Brown, 1980. "Micro-Neighborhood Externalities and Hedonic Housing Prices," Land Economics, University of Wisconsin Press, vol. 56(2), pages 125-141.
    17. Leekley, Robert M, 1980. "Multiple Outputs and Community Choice in Public Education," Economic Inquiry, Western Economic Association International, vol. 18(3), pages 333-52, July.
    18. 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.
    19. Hanushek, Eric A., 2006. "School Resources," Handbook of the Economics of Education, Elsevier.
    20. Dynarski, Mark & Schwab, Robert & Zampelli, Ernest, 1989. "Local characteristics and public production: The case of education," Journal of Urban Economics, Elsevier, vol. 26(2), pages 250-263, September.
    21. Edel, Matthew & Sclar, Elliott, 1974. "Taxes, Spending, and Property Values: Supply Adjustment in a Tiebout-Oates Model," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 941-54, Sept./Oct.
    22. 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..
    23. G. Donald Jud & James M. Watts, 1981. "Schools and Housing Values," Land Economics, University of Wisconsin Press, vol. 57(3), pages 459-470.
    24. Pollakowski, Henry O, 1973. "The Effects of Property Taxes and Local Public Spending on Property Values: A Comment and Further Results," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 994-1003, July-Aug..
    25. Oates, Wallace E, 1973. "The Effects of Property Taxes and Local Public Spending on Property Values: A Reply and Yet Further Results," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 1004-08, July-Aug..
    26. 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.
    27. Henry, O.T. & Olekalns, N., 1999. "A Comment on," Department of Economics - Working Papers Series 719, The University of Melbourne.
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