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This paper examines the relationship between house price levels, school performance, and the racial and ethnic composition of Connecticut school districts between 1995 and 2000. A panel of Connecticut school districts over both time and labor market areas are used to estimate a simultaneous equations model describing the determinants of these variables. Specifically, school district changes in price level, school performance, and racial and ethnic compositions depend upon each other, labor market wide changes in these variables, and the deviation of each school district from the overall metropolitan area. The specification is based on the differencing of dependent variables, as opposed to the use of level or fixed effects models and lagging level variables beyond the period over which change is considered; as a result the model is robust to persistence in the sample. Identification of the simultaneous system arises from the presence of multiple labor market areas in the sample, and the assumption that labor market changes in a variable due not directly influence the allocation of households across towns within a labor market area. We find that towns in labor markets that experience an inflow of minority households have greater increases in percent minority if those towns already have a substantial minority population. We find evidence that this sorting process is reflected in housing price changes in the low priced segment of the housing market, not in the middle and upper segments.
Based on the work of Karl "Chip" Case, who is renowned for his scientific contributions to the economics of housing and public policy, this is a must read during a time of restructuring our nation's system of housing finance.
This paper investigates market response to a nationwide school quality information disclosure regime. I uncover a number of novel empirical findings. First, investigating the house price margin, the results reveal a strikingly convex hedonic price function: large effects to school quality ratings for homes located near schools serving advantaged students but little impact in poorer neighborhoods. These heterogeneous effects can help reconcile relatively modest overall mean school quality capitalization effects with, for example, the large fees wealthier families typically pay for private schools. Second, I provide new evidence on heterogeneous response to local amenities by season in which the housing transaction takes place. Consistent with models which emphasise thick-market effects, the results demonstrate that there is a higher response to ratings in the summer months relative to winter months. Finally, exploring the impact of the same information intervention on the school choice margin demonstrates that uprated schools serving advantaged students experience dramatic increases in demand from local families, however response for schools serving less advantaged families is more muted.
Abstract: This dissertation explores the impact of school quality in housing markets through two distinct lines of research. The first is a housing market equilibrium study of house prices and the second is a partial equilibrium model of household utility maximization as revealed through household location. The first essay uses the hedonic house price approach with a sample of houses that have school district boundaries that may differ from the boundaries of the city. The model includes school district fixed effects, controls for city services, and neighborhood attributes. The school quality measure is important in explaining higher house prices and the estimated value of higher test scores is unaffected by various formulations that provide good controls for spatial variations in city services and neighborhood characteristics. The second essay is a discrete choice conditional logit model of household location. The choice of school district appears to be less about the presence of children and more about the sorting of households based on race, education, and income. Households do not choose school districts based on their children's characteristics; households with higher income purchase higher levels of school quality.
Resulting from research conducted into choice in secondary education, this text provides context, analysis and discussion. In assessing the impact of choice policies not only upon the education system, but also upon wider society, it provides insight intoeconomic and social segregation.
Shows that cities can be revitalized by attracting and retaining the middle class through schools and housing programs.
Explains the financial history leading to the mortgage meltdown and assesses today's housing finance systems in the United States and abroad.