The Study Of Premium Effect On Educational Public Goods To The Second-hand Housing Prices In The School Districts

Education as a public good has a huge impact on the real estate market.The school districts show that there is a premium on the prices of public goods in education.A large number of studies have shown that China's educational resources are continuously being capitalized into residential prices.Lanzhou's real estate prices have been leading the five provinces in the northwest.This article takes junior high school in Lanzhou City as the research object.Firstly,we use the Hedonic Prices Model to analyze the internal price structure of second-hand house price in Lanzhou City.secondly,we use the Matching Regression to analyze whether the public educational products in Lanzhou City have a premium on the prices of secondary real estate market.The results show that:(1)The educational factors have a significant impact on the second-hand housing price.For each 1% increase in distance to the school,the second-hand housing price in Lanzhou City drops by 0.067%.For every one drop in school rankings,the second-hand housing price drops by 0.049%.For every grade rise in the school grade,the second-hand housing price increased by 5.55%.(2)After grouping schools model,the results showed that the second-hand housing of public schools dropped by 0.075% for each 1% increase in the distance from the school;the second-hand housing in private schools decreased by 0.041%; the school rankings with each drop in rankings,the second-hand housing price of public schools fell by 0.034%,and the second-hand housing price in private schools dropped by 0.054%.(3)When using the matching regression to compare the prices between school districts and non-school districts on both sides of the school district boundary,it was found that the average price of second-hand housing in residential districts rose by2.5%;the matching regression analysis was conducted on the district pairs.After that,the school district has a 6.5% premium over non-school district housing.The study found that:(1)The educational public goods in Lanzhou produced a premium effect on the prices of secondary real estate.(2)The price of second-hand housing in public schools is more sensitive to the distance from the community to private schools.The change in the price of second-hand housing in private schools is more sensitive to public schools than to public schools.(3)As far as different urban areas are concerned,educational factors have a significant impact on the prices of second-hand housing in urban areas,but there is no significant difference between the four urban areas in Lanzhou City in terms of impact levels.(4)After comparing the school district and non-school districts on both sides of the border of the school district,it is found that the buyers in Lanzhou City are willing to pay a premium of 6.5% for the district school for high quality junior high school education.