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The Effects of Housing Price Declines on Children's Educational Outcomes

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Title: The Effects of Housing Price Declines on Children's Educational Outcomes
Language: English
Authors: Vicki Been, Ingrid Ellen, David Figlio, Ashlyn Aiko Nelson, Stephen L. Ross, Amy Ellen Schwartz, Leanna Stiefel
Source: Education Finance and Policy. 2025 20(2):312-343.
Availability: MIT Press. 55 Hayward Street, Cambridge, MA 02142. Tel: 617-253-2889; Fax: 617-253-1709; e-mail: journals-rights@mit.edu; Web site: http://www.mitpressjournals.org/loi/edfp
Peer Reviewed: Y
Page Count: 32
Publication Date: 2025
Document Type: Journal Articles
Reports - Research
Descriptors: Housing, Costs, Academic Achievement, Public Schools, Neighborhoods, African American Students, Low Income Students, Barriers, Educational Opportunities
Geographic Terms: Florida
DOI: 10.1162/edfp_a_00431
ISSN: 1557-3060
1557-3079
Abstract: We examine the effects that household exposure to housing price declines, captured by measures of negative equity, have on children's academic performance, using data on public school students and housing transactions from the State of Florida. Our empirical strategy exploits variation over time in the timing of family moves to account for household sorting into neighborhoods and schools and selection into initial mortgage terms. In contrast to the existing literature on the effects of foreclosure, we find that students with the highest risk of negative equity exhibit significantly higher test score growth, with the largest effects among Black students and students qualifying for free or reduced-priced lunch. We find evidence supporting two underlying mechanisms: (1) families in negative equity may reduce the impact of income losses on consumption by forgoing mortgage payments, and (2) families exposed to high levels of negative equity may move to schools that received higher average school report card grades. While negative equity and foreclosure are undesirable, negative equity may have encouraged homeowners to forgo mortgage payments to mitigate the impact of the Great Recession, and temporarily reduced the housing market barriers low-income households faced in accessing educational opportunities.
Abstractor: As Provided
Entry Date: 2025
Accession Number: EJ1472435
Database: ERIC
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  Data: The Effects of Housing Price Declines on Children's Educational Outcomes
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  Data: <searchLink fieldCode="SO" term="%22Education+Finance+and+Policy%22"><i>Education Finance and Policy</i></searchLink>. 2025 20(2):312-343.
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  Data: MIT Press. 55 Hayward Street, Cambridge, MA 02142. Tel: 617-253-2889; Fax: 617-253-1709; e-mail: journals-rights@mit.edu; Web site: http://www.mitpressjournals.org/loi/edfp
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  Data: 32
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  Data: <searchLink fieldCode="DE" term="%22Housing%22">Housing</searchLink><br /><searchLink fieldCode="DE" term="%22Costs%22">Costs</searchLink><br /><searchLink fieldCode="DE" term="%22Academic+Achievement%22">Academic Achievement</searchLink><br /><searchLink fieldCode="DE" term="%22Public+Schools%22">Public Schools</searchLink><br /><searchLink fieldCode="DE" term="%22Neighborhoods%22">Neighborhoods</searchLink><br /><searchLink fieldCode="DE" term="%22African+American+Students%22">African American Students</searchLink><br /><searchLink fieldCode="DE" term="%22Low+Income+Students%22">Low Income Students</searchLink><br /><searchLink fieldCode="DE" term="%22Barriers%22">Barriers</searchLink><br /><searchLink fieldCode="DE" term="%22Educational+Opportunities%22">Educational Opportunities</searchLink>
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  Data: 10.1162/edfp_a_00431
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  Data: We examine the effects that household exposure to housing price declines, captured by measures of negative equity, have on children's academic performance, using data on public school students and housing transactions from the State of Florida. Our empirical strategy exploits variation over time in the timing of family moves to account for household sorting into neighborhoods and schools and selection into initial mortgage terms. In contrast to the existing literature on the effects of foreclosure, we find that students with the highest risk of negative equity exhibit significantly higher test score growth, with the largest effects among Black students and students qualifying for free or reduced-priced lunch. We find evidence supporting two underlying mechanisms: (1) families in negative equity may reduce the impact of income losses on consumption by forgoing mortgage payments, and (2) families exposed to high levels of negative equity may move to schools that received higher average school report card grades. While negative equity and foreclosure are undesirable, negative equity may have encouraged homeowners to forgo mortgage payments to mitigate the impact of the Great Recession, and temporarily reduced the housing market barriers low-income households faced in accessing educational opportunities.
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      – Type: doi
        Value: 10.1162/edfp_a_00431
    Languages:
      – Text: English
    PhysicalDescription:
      Pagination:
        PageCount: 32
        StartPage: 312
    Subjects:
      – SubjectFull: Housing
        Type: general
      – SubjectFull: Costs
        Type: general
      – SubjectFull: Academic Achievement
        Type: general
      – SubjectFull: Public Schools
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      – SubjectFull: Neighborhoods
        Type: general
      – SubjectFull: African American Students
        Type: general
      – SubjectFull: Low Income Students
        Type: general
      – SubjectFull: Barriers
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      – SubjectFull: Educational Opportunities
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      – SubjectFull: Florida
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      – TitleFull: The Effects of Housing Price Declines on Children's Educational Outcomes
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