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Capitalization of Charter Schools into Residential Property Values

Margaret Brehm (), Scott Imberman () and Michael Naretta ()
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Margaret Brehm: Department of Economics Michigan State University East Lansing, MI 48824
Michael Naretta: Department of Economics Michigan State University East Lansing, MI 48824

Education Finance and Policy, 2017, vol. 12, issue 1, 1-27

Abstract: Although prior research has found clear impacts of schools and school quality on property values, little is known about whether charter schools have similar effects. Using sale price data for residential properties in Los Angeles County from 2008 to 2011 we estimate the neighborhood level impact of charter schools on housing prices. Using an identification strategy that relies on census-block fixed effects and variation in charter penetration over time, we find little evidence that the availability of a charter school affects housing prices on average. We do find, however, that when restricting to districts other than Los Angeles Unified and counting only charter schools located in the same school district as the household, housing prices fall in response to an increase in nearby charter penetration.

Date: 2017
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http://www.mitpressjournals.org/doi/pdf/10.1162/EDFP_a_00192 (application/pdf)

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Working Paper: Capitalization of Charter Schools into Residential Property Values (2015) Downloads
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