Uncertain School Quality and House Prices: Theory and Empirical Evidence

Turnbull, Geoffrey K.; Zahirovic‐Herbert, Velma; Zheng, Minrong

doi:10.1007/s11146-017-9611-6

Cited by 27 publications

(12 citation statements)

References 30 publications

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“…Hilber and Mayer (2009) postulate that quality education may have externalities wherein people support quality education because such support is rewarded by higher overall values. These findings are supported by research by Davidoff and Leigh (2008), Shen and Turner (2018), Beracha andHardin (2018), andTurnbull et al (2018) that also highlights the school quality housing premium. Wheaton, Lee, and Seslen (2015) find that more expensive housing units, which are generally associated with school quality, are also associated with higher appreciation rates.…”

Section: Literature Reviewsupporting

confidence: 63%

The housing price premium associated with charter schools

Beracha

Hardin

2019

Real Estate Economics

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The existing literature documents a clear relation between public school quality and a residential real estate price premium. The literature on whether charter school availability and quality are associated with a price premium, however, is surprisingly thin. After controlling for public school quality, we provide evidence that residential real estate price premiums are associated with charter school availability and quality. The price premium is smaller than that of quality public schools, but is economically meaningful when the quality of charter schools exceeds the quality of public schools. The price premium associated with charter schools is more prominent in areas where a large percentage of the population is between the ages of 6 and 18 and for familyoriented housing types. We also show that the premium associated with quality charter schools varies with school type and is highest for high schools. The findings contribute to the literature on school quality with policy implications relating to school choice options such as charter schools and vouchers.

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Section: Literature Reviewsupporting

confidence: 63%

The housing price premium associated with charter schools

Beracha

Hardin

2019

Real Estate Economics

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“…Moreover, in turn, the analysed preferences included factors such as the architectural style of a building (Akalin et al, 2009;Stamps, 1999), safety, comfort, the layout of flat (Wang and Li, 2006;Wu, 2010). Such factors as the role of safety, the expected value of resale (Iqbal & Wilhelmsson, 2018;Renigier-Biłozor, Walacik, Źróbek, & d'Amato, 2018), facilities have also been studied, as well as the price of flat, location, distance from shops, schools (Turnbull, Zahirovic-Herbert, & Zheng, 2018;Wen, Zhang, & Zhang, 2014) and other facilities, and the house size (Borth & Summers, 2018).…”

Section: Literature Reviewmentioning

confidence: 99%

Seniors’ revealed preferences in the housing market in Poznań

Tanaś¹,

Trojanek²,

Trojanek³

2019

Economics &Amp; Sociology

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Demographic changes, manifested in the ageing of society are one of the significant challenges of contemporary Europe. As senior citizens will represent the increasingly large part of the society, it seems necessary to look more broadly at the needs of this group. What is one of the fundamental needs of every human being is the need of accommodation. The existing body of literature does not provide a sufficient number of studies of seniors' housing needs. Most Polish studies concerning the characteristics of this group of buyers and their preferences regarding the housing market are qualitative. They are usually purposive sample surveys the purpose of which is to identify the profile and preferences of prospective buyers. In most cases, they concern seniors' preferences regarding new housing products (socalled senior housing). In this paper, we undertook to identify senior buyers' revealed preferences in the secondary housing market in Poznań. To this end, we collected information on transactions concluded in the abovementioned market in the years 2010-2016. The base was supplemented with data from land and mortgage registers (information about the gender and age of buyers, and the method of financing the purchase of a property), data from the Register of Land and Buildings and with the use of Google Street View. In different sections of the paper, we included an overview of literature concerning methods of the analysis of consumer preferences and studies of housing preferences, we discussed research methods and sources of data, and finally, we presented the research findings and conclusions.

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“…This proxy assumes rational households evaluate neighbourhoods in terms of the likelihood they will be subject to attendance zone changes sometime during their children’s schooling years. Turnbull et al (2018) find that this particular source of risk reduces house values in the broad market; the question here is whether it yields different price effects inside and outside gated developments.…”

Section: Data and Empirical Modelsmentioning

confidence: 83%

“…We take advantage of the setting created by public school attendance zone changes in Orange County, Florida, to empirically test the hypothesis that households living in gated communities exhibit greater risk aversion than households in open neighbourhoods. Recent studies provide strong evidence that households recognise uncertain school quality, whether from individual school performance uncertainty or attendance zone instability (Mothorpe, 2018; Turnbull et al, 2018). Given this starting point, the test offered here is conceptually straightforward.…”

Section: Household Consumption Risk Aversion and Housing Pricementioning

confidence: 99%

“…Therefore, in order to control these effects as well as other subtle changes in the tests or testing procedures over time, we normalise each school’s math test performance measure for each year using the school math grade divided by the average grade for all the schools in the Orange County Public School District in that year. The school score ( Test Score ) used in the regressions is the average of the school’s normalised scores across the entire sample period; this construct is intended to control for the expected test score, following Turnbull et al (2018).…”

Section: Data and Empirical Modelsmentioning

confidence: 99%

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Private government, property rights and uncertain neighbourhood externalities: Evidence from gated communities

Turnbull

Zahirovic‐Herbert

2019

Urban Studies

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Economists traditionally view public and private land use regulation as alternatives to each other. An alternative view argues that public and private regulation are not equally suited to accomplish the same outcomes. In particular, government regulation is easily changed while private regulation is not, making the latter better suited to control future externality risk. One implication of the alternative view is that more risk-averse households are drawn to gated neighbourhoods while their less risk-averse counterparts are not. This paper exploits exogenous differences in neighbourhood amenity uncertainty created by public school attendance zone changes to test this prediction of the alternative view. The results show that greater exogenous amenity uncertainty yields stronger house price capitalisation in gated subdivisions than in open neighbourhoods, a pattern consistent with the risk-aversion sorting hypothesis. The results are robust and are consistent with the key implication of the alternative view of private regulation.

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Uncertain School Quality and House Prices: Theory and Empirical Evidence

Cited by 27 publications

References 30 publications

The housing price premium associated with charter schools

The housing price premium associated with charter schools

Seniors’ revealed preferences in the housing market in Poznań

Private government, property rights and uncertain neighbourhood externalities: Evidence from gated communities

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