The Capitalization of School Quality into Renter and Owner Housing
研究了学校质量如何影响租房和自有住房的价格，发现自有住房的溢价高于租房，且溢价受家庭使用学校服务的可能性、市场条件、城乡位置和交易前学校质量影响。
Abstract Residential property amenities including school quality should be capitalized into both rent and property sale prices. Evidence of price and rent premiums for higher school quality is provided. The price premium for school quality for owners exceeds the premium for renters. The premiums paid by renters and owners vary with the likelihood the household directly uses school services, housing market conditions, whether the property is in an urban or suburban area and by the observed school quality in the years leading to the transaction. The larger price premium paid by owners is supported by enhanced liquidity and tempered price volatility for properties located in quality school districts.