Journal of Real Estate Finance and Economics, 20:3, 311±322, 2000
# 2000 Kluwer Academic Publishers. Manufactured in The Netherlands.
Year-Round School Schedules and Residential
TERRENCE M. CLAURETIE
Department of Finance, University of Nevada at, Las Vegas, Las Vegas, Nevada, 89154-6008
HELEN R. NEILL
Department of Environmental Studies, University of Nevada at, Las Vegas, Las Vegas, Nevada, 89154-4030
Debate concerning the advantages and disadvantages of year-round schedules surrounds quality of education and
cost. The purpose of this article is to estimate the impact of different schedules on residential property values after
controlling for school expenditures, quality of education, and neighborhood socioeconomic conditions.
Furthermore, we explore the possibility that different size houses, based on the number of bedrooms, may
experience a differential price impact to a year-round schedule. We ®nd evidence that year-round schools may be
more of a nuisance for nonparents than for families with children for the Clark County School District which
includes Las Vegas, Nevada.
Key Words: year-round school schedule, hedonic model, property value
The positive relationship between the quality of local public schools and nearby residential
property values has been extensively explored by Oates (1969), Kain and Quigley (1970),
Harrison and Rubinfeld (1978), Li and Brown (1980), Jud and Watts (1981), Jud (1985a),
and, most recently, Haurin and Brasington (1996) as well as Bond and Seiler (1996). In
most of these papers, school quality is measured by student scores on standardized
examinations or expenditures per pupil. Generally, higher test scores have a positive
impact on property values. However, in one study, Jud (1985b) found that teacher
quali®cations such as years of experience or degree held had no signi®cant impact on
While the effect of school quality on residential property prices has been thoroughly
investigated, little or no research has been done on the effect of school schedules.
Furthermore, no research has been done on the comparative impact on properties with
more or fewer bedrooms (we assume families with more children will value additional
bedrooms more than childless households). We explore both these issues in this article. We
test for the effect of a school schedule on property values while controlling for school
quality, education expenditures, and neighborhood socioeconomic characteristics. Also,