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

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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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
Contact details of provider: 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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Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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  1. 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.
  2. 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.
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