School Quality, Residential Choice, and the U.S. Housing Bubble

Michael Insler () and Kurtis Swope

Housing Policy Debate, 2016, vol. 26, issue 1, 53-79

Abstract: Using data from the American Housing Survey (years 2001--2009), we find that purchase prices for homes selected primarily to access self-identified “good schools” rose (relative to homes selected for other reasons) during the key U.S. housing bubble period, compared with the periods before and after the bubble. We observe a similar pattern in homebuyers' mortgage-to-income ratios. Various regression specifications and propensity score matching techniques show that these trends persist conditional on a range of household, demographic, and economic controls. Our results suggest that the strong, bubble-era pursuit of good schools may have played a role in the housing bubble's expansion.

Date: 2016
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DOI: 10.1080/10511482.2014.956777

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