How Do School District Boundary Changes and New School Proposals Affect Housing Prices

Xiaozhou Ding, C. Bollinger, Michael Clark, W. Hoyt
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引用次数: 3

Abstract

In the past fifty years, a voluminous literature estimating the value of schools through capitalization in home prices has emerged. Prior research has identified capitalized value using various approaches including discontinuities caused by boundaries. We use changes in school boundaries and the proposal of a new school. Our findings from redistricting in the Fayette county school district (KY) show that prices for homes redistricted from a lower-performing (based on test scores) school into the proposed school catchment area increase by six percent. For houses in higher-performing school catchment areas redistricted to the proposed new school district, there is a smaller increase in value. Houses redistricted from higher-performing schools to lower-performing schools decrease in value by three to five percent. However, many of the redistricted properties see little or no significant change, suggesting that only extreme changes in school quality are capitalized. We estimate that homes in the redistricted areas increased by $108 million relative to homes that were not redistricted.
学区边界的改变和新学校的建议如何影响房价
在过去的50年里,通过房价资本化来估计学校价值的大量文献已经出现。先前的研究已经使用各种方法确定了资本化价值,包括由边界引起的不连续。我们利用学校边界的变化和新学校的提议。我们在费耶特县学区(KY)重新划分学区的研究结果表明,从表现较差(基于考试成绩)的学校重新划分到拟议的学校集水区的房屋价格上涨了6%。对于那些被重新划分到拟议的新学区的表现较好的学校集水区的房屋,其价值的增长幅度较小。从表现较好的学校重新划分到表现较差的学校的房屋价值会下降3%至5%。然而,许多重新划分的物业很少或没有显著变化,这表明只有学校质量的极端变化才被大写。我们估计,与没有重新划分选区的家庭相比,重新划分选区的家庭增加了1.08亿美元。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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