Demand for School Quality, Neighborhood Safety and Environmental Quality: Reflections from Real Estate Market
25 Pages Posted: 21 Sep 2005
Date Written: September 8, 2005
A two-stage hedonic price and demand model was developed to estimate the willingness to pay for school quality, neighborhood safety and environmental quality in six Ohio metropolitan areas. Own price of demand ranges from inelastic for school quality to highly elastic for environmental quality and neighborhood safety. Environmental quality and neighborhood safety were found to be complementary to one another. However, school quality was found to be a substitute for both environmental quality and neighborhood safety.
Keywords: Hedonic model, school quality, neighborhood safety, environmental quality
JEL Classification: C31, H41, Q51
Suggested Citation: Suggested Citation