Abstract
Edward W. Hill: Thomas J. Kane, Douglas O. Staiger, and Gavin Samms make a contribution to our understanding of how Charlotte's housing market responds to new information about school quality. The results from their models indicate that long-term measures of school quality exert large positive effects on the value of housing after controlling for independent neighborhood effects. They find that annual fluctuations in school test performance do not affect housing values—the market treats them as noise. Surprisingly, the average educational attainment of an elementary school (as measured by the average reading and mathematics achievement scores of third and fifth graders) for whites influences house values while the scores of African American children do not. They also find that the presence of neighborhood schools increases the value of housing, especially for lower-income families.
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