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Kelli A. Perkins History of Education Society Conference Kansas City, MO November 5, 2004

Public Schools and Private Real Estate Markets, 1940-2000. Kelli A. Perkins History of Education Society Conference Kansas City, MO November 5, 2004. Research Question. How has school funding affected property values in metropolitan Hartford from 1940-2000?. What The Literature Says.

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Kelli A. Perkins History of Education Society Conference Kansas City, MO November 5, 2004

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  1. Public Schools and Private Real Estate Markets, 1940-2000 Kelli A. Perkins History of Education Society Conference Kansas City, MO November 5, 2004

  2. Research Question How has school funding affected property values in metropolitan Hartford from 1940-2000?

  3. What The Literature Says

  4. Conflicting Conclusions • School spending increases, property values increase Homebuyers value school spending • School spending decreases, housing values increase Residents value low taxes

  5. Why is This Question Significant?

  6. Shed light on how property values in area rose quickly in post war period -e.g. How did Avon, CT go from having a one room schoolhouse up until the 1950s, but developed a nationally competitive public school system by the 1990s?

  7. Dependent Variable: Equalized Net Grand List (ENGL) -Gaps in housing value data for Hartford County; therefore, ENGL used as substitute The Data

  8. Independent Variables Net Expenditures Per Pupil (NEPP) -does not include:

  9. Other Independent Variables • Town Population (POP) • Population Minority (POPM) • Density (DENSE) • Average Daily Membership (ADM) • Percent of Expenditures from Local Funds (PELF) • Tax Revenue (TAXR)

  10. Hartford County, CT 29 Municipalities -Marlborough and Burlington not included, regional school districts The Data Con’t

  11. The Model Relationship to be approximated: ENGL = b1(NEPP) + b2(POP) + b3(POPM) + b4(DENSE) + b5(ADM) + b6(PELF) + b7(TAXR) + e

  12. Expected Signs: NEPP POP ADM PELF TAX DENSE POPM

  13. Limitations of the Model Insufficient Observations Multicollinearity Functional Form

  14. No Relationship on the County Level Over Time -Equation evaluated for individual cities over time

  15. Results Three Suburbs: Avon, Bloomfield, West Hartford

  16. Avon Equation: ENGL = b1(logNEPP) + b2(logPELF) + b3(logDENSE) + e • 1% increase in NEPP = $41,336,000 increase in ENGL over time • 1% increase in PELF = $45,000,000 increase in ENGL over time • 1% increase in DENSE = $109,059,000 decrease in ENGL over time

  17. Bloomfield Equation: ENGL = b1(NEPP) + b2(POPM) + e • $1 increase in NEPP = $13,677 increase in ENGL over time • 1% increase in POPM = $905,850 decrease in ENGL over time

  18. West Hartford Equation: ENGL = b1(logNEPP) + b2(POPM) + e • 1% increase in NEPP = $8,973,000 increase in ENGL over time • 1% increase in POPM = $1,607,000 increase in ENGL over time

  19. Conclusions Relationship between school spending and property values??? -Not conclusive, especially considering suburbs have similar amounts of school spending

  20. Perhaps Missing Variable??? -Perceptions of School Quality (cannot be measured quantitatively)

  21. Next Steps

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