Last week’s CCAC meeting yielded some interesting and, candidly, troubling, thoughts about the future of Crozet schools. If you haven’t read the linked story and tweets, please do so.
If you don’t have kids in the schools, you’re still impacted as property values are directly tied to (perceived) quality of schools.
Economically, we would say that above average school quality as a flow of service is capitalized into value, just like an income stream. There is a broad consensus in the academic literature that school quality matters (Black, 1999, Brasington, 1999), and it seems that elementary school may matter even more than high school in driving locational preferences of home buyers with children. Empirical research has found that a one standard deviation increase in school quality (measured by test scores or school rankings) increases the value of a single family property by 1 to 3 percent. (source; bolding above is mine)
Get educated, and get involved
The next meetings (with the exception of joint Board meetings and meetings with Legislators) are September 27; October 11 & 25; November 8; and December 6 & 13.
Here is a link to the meeting calendar, that might be helpful, as it takes the scheduled meetings out further.
- Crozet Housing Prices and School Quality (old post, with some broken links)
- Housing Values & School Quality
- What is the Connection Between Home Values and School Performance?
- School Quality and Property Values: Perpetuating Housing Segregation?
- How Much Do School Districts Affect Real Estate Prices?
- How school ratings impact home prices