This study investigates how perceived school quality affects housing values, using a new estimation method. Our empirical design takes advantage of the mergers of school catchment zones initiated by the government to develop quasi-experiments. We find that, in zones that gained sudden access to higher ranked schools, housing prices increased by 1.3 to 4.1 percent. Larger and more expensive houses appreciated more in response to the improvement in perceived quality of available schools. The findings generate important policy implications regarding housing wealth redistribution and housing expenditures among different households. The study also enriches the literature on the capitalization effect of school quality.

这项研究使用一种新的估算方法，调查了感知的学校质量如何影响住房价值。我们的经验设计利用了政府发起的学校集水区的合并来发展准实验。我们发现，在突然进入高等学校的区域中，房价上涨了1.3％至4.1％。更大和更昂贵的房屋对可用学校的感知质量的提高做出了更多反应。调查结果对不同家庭之间的住房财富再分配和住房支出产生了重要的政策影响。该研究还丰富了有关学校质量资本化效应的文献。