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Merit-Based Scholarship ``Over-Awards'' and Home Prices

University of Central Arkansas

Frank Smith

Henderson State University

Some Georgia school systems award more HOPE scholarships than their academic achievement predicts, creating a geographically determined benefit that will be compounded into local real estate values. Using a two-stage regression methodology, we test to see if these scholarship ``over-awards'' are capitalized into local home prices. Our evidence supports the hypothesis. We argue that potential homeowners view HOPE eligibility percentages as an indicator of access to state resources, and this access is capitalized into home prices.

Key Words: merit-based scholarship • housing prices • educational amenities

This version was published on March 1, 2009

Public Finance Review, Vol. 37, No. 2, 198-216 (2009)
DOI: 10.1177/1091142108321236


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