When a family decides to buy a house, there are many factors could step in, such as the total floor area, number of bedrooms, number of bathrooms, environment, availability of public transport, etc. One of the most interesting area is to see if schooling has any impact on housing prices. The key aim of this research is to assess how much a family is willing to pay to live in an area, which has a better performing school.
There are many studies trying to investigate this link. The literature varies in terms of the empirical methods. Most of the literature based on the regression based estimates, parametric and non-parametric modelling of unobservable factors, and instrumental variables methods (see Brasington and Haurin, 2006, Cheshire and Sheppard 2004, and Rosenthal, 2003). However, these studies suffer from the omitted variable bias. More recent works use discontinuity methods, difference-in-difference methods and combined different methods, such as Davidoff and Leigh (2008), Clapp et al. (2008) and Bayer et al. (2007), etc. The impact of schooling on house prices is significant in these studies. Kane et al. (2006) even found the schooling could affect house prices by 10% in Mecklenberg, US.
We will base on the traditional hedonic housing price model, including the characteristics of the house. Then a measure of schooling will be added to the model. We also need to control the policy changes in recent years, such as stamp duty, help to buy, etc. We will use regional data to show the effects of this link.
Brasington, D. and Haurin,D. 2006. Educational outcomes and house values: a test of the value added approach, Journal of Regional Science, 46 (2006), pp. 245-268.
Cheshire, P. and Sheppard, S. 2004. Capitalising the value of free schools: the impact of supply characteristics and uncertainty, Economic Journal, 114 (2004), pp. F397-F424.
Rosenthal, L. 2003. The value of secondary school quality, Oxford Bulletin of Economics and Statistics, 65 (2003), pp. 329-355.
Davidoff, I. and Leigh, A. 2008. How much do public schools really cost? Estimating the relationship between house prices and school quality, The Economic Record, 84 (2008), pp. 193-206.
Clapp J., Nanda, S., and Ross, S. 2008. Which school attributes matter? The influence of school district performance and demographic composition of property values, Journal of Urban Economics, 63 (2008), pp. 451-466.
Bayer,P., Ferreira, F. and McMillan, F. 2007. A unified framework for measuring preferences for schools and neighborhoods, Journal of Political Economy, 115 (2007), pp. 588-638.
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