SCHOOL QUALITY CAPITALIZATION IN SUBURBAN HOUSING MARKETS: EVIDENCE FROM ALPHARETTA, GEORGIA

This study investigates the effects of structural features and High School Assignments on residential property prices. We use hedonic regressions for single-family homes in Alpharetta, Georgia, to estimate how public high school zoning impacts prices. After controlling for lot size, interior area, age, and other structural features, homes zoned to Alpharetta, Cambridge, Innovation Academy, and Milton sell for about 17 to 21 percent more than similar homes zoned to Centennial. The estimates remain strong even after log transformations and tests for multicollinearity. Structural characteristics have expected effects, showing that school quality and accessibility are both considered in suburban housing values.