[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/jre/issued/v5n21990p221-230.html
   My bibliography  Save this article

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

Author

Abstract
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.

Suggested Citation

  • Michael L. Walden, 1990. "Magnet Schools and the Differential Impact of School Quality on Residential Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 5(2), pages 221-230.
    • Handle: RePEc:jre:issued:v:5:n:2:1990:p:221-230
    as

    Download full text from publisher

    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol05n02/v05p221.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. G. Donald Jud & James M. Watts, 1981. "Schools and Housing Values," Land Economics, University of Wisconsin Press, vol. 57(3), pages 459-470.
    2. 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, December.
    3. 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, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Brasington, D. M., 2003. "The supply of public school quality," Economics of Education Review, Elsevier, vol. 22(4), pages 367-377, August.
    2. Fedderke, Johannes W. & Chen, Tinghua, 2023. "Generalizing the “Masterpiece Effect” in fine art pricing: Quantile Hedonic regression results for the South African fine art market, 2009–2021," Economic Modelling, Elsevier, vol. 124(C).
    3. David M. Brasington, 1999. "Which Measures of School Quality Does the Housing Market Value?," Journal of Real Estate Research, American Real Estate Society, vol. 18(3), pages 395-414.
    4. 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.
    5. Pizzol, Bruna & Giannotti, Mariana & Tomasiello, Diego Bogado, 2021. "Qualifying accessibility to education to investigate spatial equity," Journal of Transport Geography, Elsevier, vol. 96(C).
    6. Geoffrey K. Turnbull & Minrong Zheng, 2022. "Desegregation Litigation and School Quality Capitalization," The Journal of Real Estate Finance and Economics, Springer, vol. 64(2), pages 210-227, February.
    7. Steven Carter, 2008. "Court-ordered Busing and Housing Prices: The Case of Pasadena and San Marino," Journal of Real Estate Research, American Real Estate Society, vol. 30(3), pages 377-394.
    8. Jeffrey M. Weinstein, 2016. "The Impact Of School Racial Compositions On Neighborhood Racial Compositions: Evidence From School Redistricting," Economic Inquiry, Western Economic Association International, vol. 54(3), pages 1365-1382, July.
    9. Pengyu Zhu & Yi Zhang & Juan Wang, 2023. "Canceling the admission priority of private schools enlarges housing price gap in public school districts: Evidence from Shanghai's new admission policy," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(1), pages 49-67, January.
    10. 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.
    11. Leslie Rosenthal, 2003. "The Value of Secondary School Quality," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(3), pages 329-355, July.
    12. Michael Devaney & William Rayburn, 1993. "Neighborhood Racial Transition and Housing Returns: A Portfolio Approach," Journal of Real Estate Research, American Real Estate Society, vol. 8(2), pages 239-252.
    13. David M. Brasington, 2002. "The Demand for Local Public Goods: The Case of Public School Quality," Public Finance Review, , vol. 30(3), pages 163-187, May.
    14. Ihlanfeldt, Keith R. & Scafidi, Benjamin P., 2002. "An Empirical Analysis of the Cause of Neighborhood Racial Segregation," Berkeley Program on Housing and Urban Policy, Working Paper Series qt70j3n8bh, Berkeley Program on Housing and Urban Policy.
    15. Andreyeva, Elena & Patrick, Carlianne, 2017. "Paying for priority in school choice: Capitalization effects of charter school admission zones," Journal of Urban Economics, Elsevier, vol. 100(C), pages 19-32.
    16. 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.
    17. Tao Zhou & Rui Zhao & Yulin Zhou, 2017. "Factors Influencing Land Development and Redevelopment during China’s Rapid Urbanization: Evidence from Haikou City, 2003–2016," Sustainability, MDPI, vol. 9(11), pages 1-17, November.
    18. Chowdhury, Tasnim & Datta, Rajib & Mohajan, Haradhan, 2013. "Green finance is essential for economic development and sustainability," MPRA Paper 51169, University Library of Munich, Germany, revised 09 Jun 2013.
    19. Chugunov, D., 2013. "Impact of School Quality and Neighborhoods on Housing Prices in Moscow," Journal of the New Economic Association, New Economic Association, vol. 17(1), pages 87-112.
    20. Elena Shakina & Angel Barajas, 2013. "The Contribution of Intellectual Capital to Value Creation," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 7(4), December.
    21. Su Han Chan & Shin-Hering Michelle Chu & George H. Lentz & Ko Wang, 1998. "Intra-Project Externality and Layout Variables in Residential Condominium Appraisals," Journal of Real Estate Research, American Real Estate Society, vol. 15(2), pages 131-146.
    22. Man Yuan & Haolan Pan & Zhuoran Shan & Da Feng, 2022. "Spatial Differences in the Effect of Communities’ Built Environment on Residents’ Health: A Case Study in Wuhan, China," IJERPH, MDPI, vol. 19(3), pages 1-18, January.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Brasington, D. M., 2003. "The supply of public school quality," Economics of Education Review, Elsevier, vol. 22(4), pages 367-377, August.
    2. David Brasington, 1999. "Which Measures of School Quality Does the Housing Market Value?," Journal of Real Estate Research, Taylor & Francis Journals, vol. 18(3), pages 395-413, January.
    3. Geoffrey K. Turnbull & Minrong Zheng, 2022. "Desegregation Litigation and School Quality Capitalization," The Journal of Real Estate Finance and Economics, Springer, vol. 64(2), pages 210-227, February.
    4. Yadavalli, Anita P. & Florax, Raymond J.G.M., 2013. "The Effect of School Quality on House Prices: A Meta-Regression Analysis," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 151291, Agricultural and Applied Economics Association.
    5. David M. Brasington, 2002. "The Demand for Local Public Goods: The Case of Public School Quality," Public Finance Review, , vol. 30(3), pages 163-187, May.
    6. 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.
    7. David M. Brasington & Diane Hite, 2005. "Demand for Environmental Quality: A Spatial Hedonic Approach," Departmental Working Papers 2005-08, Department of Economics, Louisiana State University.
    8. David Brasington & Don Haurin, 2005. "Capitalization of Parent, School, and Peer Group Components of School Quality into House Price," Departmental Working Papers 2005-04, Department of Economics, Louisiana State University.
    9. Randall S. Guttery, 2002. "The Effects of Subdivision Design on Housing Values: The Case of Alleyways," Journal of Real Estate Research, American Real Estate Society, vol. 23(3), pages 265-274.
    10. David Brasington & Mika Kato & Willi Semmler, 2010. "Transitioning Out Of Poverty," Metroeconomica, Wiley Blackwell, vol. 61(1), pages 68-95, February.
    11. Lin Lin & Xueming (Jimmy) Chen & Anne Vernez Moudon, 2021. "Measuring the Urban Forms of Shanghai’s City Center and Its New Districts: A Neighborhood-Level Comparative Analysis," Sustainability, MDPI, vol. 13(15), pages 1-18, July.
    12. Bill Randolph & Andrew Tice, 2013. "Who Lives in Higher Density Housing? A Study of Spatially Discontinuous Housing Sub-markets in Sydney and Melbourne," Urban Studies, Urban Studies Journal Limited, vol. 50(13), pages 2661-2681, October.
    13. Lin, Boqiang & Du, Zhili, 2017. "Can urban rail transit curb automobile energy consumption?," Energy Policy, Elsevier, vol. 105(C), pages 120-127.
    14. David W. Rasmussen & Thomas W. Zuehlke, 1988. "The Evaluation of Residential Living Space," The Review of Regional Studies, Southern Regional Science Association, vol. 18(2), pages 47-53, Spring.
    15. Abdessalam, A. H., 2014. "Tax competition and the determination of the quality of public goods," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 8, pages 1-20.
    16. 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.
    17. Brasington, David M., 1999. "Joint provision of public goods: the consolidation of school districts," Journal of Public Economics, Elsevier, vol. 73(3), pages 373-393, September.
    18. Guy Garrod & Ken Willis, 1992. "The amenity value of woodland in Great Britain: A comparison of economic estimates," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 2(4), pages 415-434, July.
    19. Jun-Kun Lin & Hung-Lung Lin & William Yu Chung Wang & Ching-Hui Chang & Chin-Tsai Lin, 2020. "An Evaluation Model for Property-Purchasing Plans Based on a Hybrid Multi-Criteria Decision-Making Model," Mathematics, MDPI, vol. 8(6), pages 1-18, May.
    20. David Brasington & Don Haurin, 2005. "The Demand for Educational Quality: Comparing Estimates from a Median Voter Model with those from an Almost Ideal Demand System," Departmental Working Papers 2005-16, Department of Economics, Louisiana State University.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jre:issued:v:5:n:2:1990:p:221-230. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: JRER Graduate Assistant/Webmaster (email available below). General contact details of provider: http://www.aresnet.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.