By Ashley Bateman | Hearland Institute
A new study finds school choice increases local property values.
In “The Economic Benefits of New York City’s Public School Reforms, 2002-2013,” Robert Shapiro and Kevin Hassett found that property values increased in relation to achievement gains. Expanding charter schools increased student performance in New York City schools. Graduation rates rose, net income rose, and housing demand in these neighborhoods increased.
They also found that opening a new charter school is associated with a 3.7 percent increase in home prices in the same ZIP code a year later.
Motivated by the rising value of his own neighborhood when a charter school opened, Hassett said parents would want to know more than test results.