School Vouchers and Home Prices: Premiums in School Districts Lacking Public Schools

Susanne E. Cannon, Bartley R. Danielsen and David M. Harrison

Journal of Housing Research, 2015, vol. 24, issue 1, 1-20

Abstract: Vermont has numerous school districts lacking traditional public schools. In these jurisdictions, families are provided school vouchers. Using a sample of 2,933 single-family home purchase transactions, we examine residential property values in areas with vouchers as compared to those with assigned schools. We find robust evidence that these vouchers increase home values. We also find that home values are increasing in the number of alternative schooling options available within reasonable commuting distances. Finally, homes with access to schools that are better than the closest school, as defined by standardized test scores, sell at a higher price where vouchers exist. Thus, we conclude Vermont’s housing market places a premium on school voucher access availability, and this premium increases if families have access to more and better schools.

Date: 2015
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DOI: 10.1080/10835547.2015.12092093

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