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Capitalization of Charter Schools into Residential Property Values

Scott A. Imberman, Michael Naretta, Margaret O’Rourke

NBER Working Paper No. 20990
Issued in February 2015
NBER Program(s):Economics of Education, Public Economics

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.

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Document Object Identifier (DOI): 10.3386/w20990

Published: Margaret Brehm & Scott A. Imberman & Michael Naretta, 2017. "Capitalization of Charter Schools into Residential Property Values," Education Finance and Policy, MIT Press, vol. 12(1), pages 1-27, Winter. citation courtesy of

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