Are Rising College Premiums Capitalized into House Prices? Evidence from China

Leilei Shen () and Tracy M. Turner

Real Estate Economics, 2018, vol. 46, issue 2, 449-486

Abstract: Many areas in China experienced steeply rising house prices beginning in 2003. We test whether a change in local residency requirements may have played a role in driving up house prices in some places by tying access to Chinese universities to local homeownership status in the presence of a rising college premium. We generate a novel dataset that combines China housing market and neighborhood data with household and university admission data. We find evidence of capitalization effects and a sizable increase in the likelihood of homeownership postpolicy change in places with the greatest preferential access to China's elite universities.

Date: 2018
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https://doi.org/10.1111/1540-6229.12172

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