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School Choice Programs: The Impacts on Housing Values

School Choice Programs: The Impacts on Housing Values We review both the theoretical and empirical literature relating to the impact of school choice programs, particularly voucher programs, on residential property values. Beginning with the seminal works of Charles Tiebout (1956) and Thomas Nechyba (1999, 2000, 2003), we describe the sorting equilibrium theories that arise in the context of public school assignments based strictly on geographic catchment areas. We then consider the implications of allowing students to attend schools other than those to which they are assigned, particularly in a school voucher context. Finally, we review the empirical tests of these theories to date. The important concepts addressed in this paper are: (1) assigned schools lead to a separating equilibrium that results in segregation on the basis of income, school quality, and property values; and (2) school choice programs undermine this separating equilibrium by severing the link between place of residence and school assignment. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Real Estate Literature Taylor & Francis

School Choice Programs: The Impacts on Housing Values

School Choice Programs: The Impacts on Housing Values

Journal of Real Estate Literature , Volume 23 (2): 26 – Jan 1, 2015

Abstract

We review both the theoretical and empirical literature relating to the impact of school choice programs, particularly voucher programs, on residential property values. Beginning with the seminal works of Charles Tiebout (1956) and Thomas Nechyba (1999, 2000, 2003), we describe the sorting equilibrium theories that arise in the context of public school assignments based strictly on geographic catchment areas. We then consider the implications of allowing students to attend schools other than those to which they are assigned, particularly in a school voucher context. Finally, we review the empirical tests of these theories to date. The important concepts addressed in this paper are: (1) assigned schools lead to a separating equilibrium that results in segregation on the basis of income, school quality, and property values; and (2) school choice programs undermine this separating equilibrium by severing the link between place of residence and school assignment.

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Publisher
Taylor & Francis
Copyright
© 2015 American Real Estate Society
ISSN
1573-8809
DOI
10.1080/10835547.2015.12090404
Publisher site
See Article on Publisher Site

Abstract

We review both the theoretical and empirical literature relating to the impact of school choice programs, particularly voucher programs, on residential property values. Beginning with the seminal works of Charles Tiebout (1956) and Thomas Nechyba (1999, 2000, 2003), we describe the sorting equilibrium theories that arise in the context of public school assignments based strictly on geographic catchment areas. We then consider the implications of allowing students to attend schools other than those to which they are assigned, particularly in a school voucher context. Finally, we review the empirical tests of these theories to date. The important concepts addressed in this paper are: (1) assigned schools lead to a separating equilibrium that results in segregation on the basis of income, school quality, and property values; and (2) school choice programs undermine this separating equilibrium by severing the link between place of residence and school assignment.

Journal

Journal of Real Estate LiteratureTaylor & Francis

Published: Jan 1, 2015

There are no references for this article.