How Much Is a Good School Worth in Beijing? Identifying Price Premium with Paired Resale and Rental Data

How Much Is a Good School Worth in Beijing? Identifying Price Premium with Paired Resale and... A neighborhood school policy is implemented in Beijing, where public education dominates. But only home owners, rather than renters are entitled to enroll in a local public school, even when both live in a school’s attendance zone. We estimate the implicit price of school quality in Beijing’s housing market by comparing within- and out-of-zone home values in adjacent buildings. Enabled by the “renter discrimination policy,” this study further controls for the difference in unobserved neighborhood traits using the rental differentials between paired observations. School quality has been capitalized in home values in Beijing. A within-zone housing unit is sold RMB 2,266 yuan per square meter more than if it were outside the attendance zone of a Key Primary School. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

How Much Is a Good School Worth in Beijing? Identifying Price Premium with Paired Resale and Rental Data

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Publisher
Springer US
Copyright
Copyright © 2015 by Springer Science+Business Media New York
Subject
Economics; Regional/Spatial Science; Financial Services
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1007/s11146-015-9513-4
Publisher site
See Article on Publisher Site

Abstract

A neighborhood school policy is implemented in Beijing, where public education dominates. But only home owners, rather than renters are entitled to enroll in a local public school, even when both live in a school’s attendance zone. We estimate the implicit price of school quality in Beijing’s housing market by comparing within- and out-of-zone home values in adjacent buildings. Enabled by the “renter discrimination policy,” this study further controls for the difference in unobserved neighborhood traits using the rental differentials between paired observations. School quality has been capitalized in home values in Beijing. A within-zone housing unit is sold RMB 2,266 yuan per square meter more than if it were outside the attendance zone of a Key Primary School.

Journal

The Journal of Real Estate Finance and EconomicsSpringer Journals

Published: Jul 5, 2015

References

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