Capitalization of Charter Schools into Residential Property Values

56 Pages Posted: 2 Mar 2015

See all articles by Scott A. Imberman

Scott A. Imberman

Michigan State University; Michigan State University - College of Education

Michael Naretta

Michigan State University

Margaret O’Rourke

Michigan State University

Date Written: February 2015

Abstract

While 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 charter schools affect housing prices on average. However, we do find that when restricting to charter schools located in the same school district as the household, housing prices outside Los Angeles Unified School District fall in response to an increase in nearby charter penetration.

Suggested Citation

Imberman, Scott Andrew and Naretta, Michael and O’Rourke, Margaret, Capitalization of Charter Schools into Residential Property Values (February 2015). NBER Working Paper No. w20990. Available at SSRN: https://ssrn.com/abstract=2572149

Scott Andrew Imberman (Contact Author)

Michigan State University ( email )

East Lansing, MI 48824
United States

Michigan State University - College of Education ( email )

East Lansing, MI
United States

Michael Naretta

Michigan State University ( email )

110 Marshall-Adams Hall
East Lansing, MI 48824-1122
United States

Margaret O’Rourke

Michigan State University ( email )

Agriculture Hall
East Lansing, MI 48824-1122
United States

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