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The effect of local amenities on house price appreciation amid market shocks: The case of school quality

Mitchell R. Livy

Journal of Housing Economics, 2017, vol. 36, issue C, 62-72

Abstract: Combining the strengths of price index and boundary fixed effects models, this paper examines the factors leading to spatial house price appreciation divergences during market shocks. Specifically, I focus on the relationship between school quality and house price appreciation rates during the period of rapid house price increases and decreases between 2000 and 2012. I find that appreciation rates diverge across school districts in Franklin County, OH during the entire time period. Results identified through spatial-temporal boundary controls provide evidence that standardized test scores positively drive this relationship during the housing market decline in the latter half of the period from 2007 to 2012; in contrast, there is no overall relationship between school quality and appreciation rates during the preceding period of housing price increases from 2000 to 2006.

Keywords: School quality; House price appreciation; District boundaries; Amenity valuation (search for similar items in EconPapers)
JEL-codes: I2 R2 R3 (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:eee:jhouse:v:36:y:2017:i:c:p:62-72