Influencing Academic Achievement and Regional Mediating Effects of General High Schools on Local Apartment Prices Based on Spatial Hedonic Price Model

This study empirically analyzed the effect on housing prices according to the academic achievement of general high schools and the regional mediating effect using the spatial hedonic model. The main empirical analysis results are as follows. First, accessibility to general high schools had a positive effect on local apartment prices regardless of the type. It was found that the preferred high school type, which had the highest college entrance rate, had a greater influence. Second, a prestigious high school was more preferred when it comes to the type of high school closest to the apartment. This result seems to be due to the recognition that consumers in the local housing market place high value on the status of local prestigious high schools, and that there are many students with excellent grades in prestigious high schools. Consequently, there may be less incidence of juvenile delinquency, creating a positive effect on the residential environment around the school. Third, it was found that in an area where the regional effect on housing price is high, the closer an apartment is to a prestigious high school, the higher the apartment price can get. Through these results, this study confirmed that the characteristics of general high school academic achievement have a clear influence on apartment prices and that these influences appear differentially by region.