A house is a bundle of land and improvements, with the weights of the two components varying both over time and across locations. We capture the land intensity or "leverage" of a property by measuring the ratio of land to total value. This is accomplished using transactions data for...

Previous research has established that people bid more for houses in high-performing school districts. But what specific factors related to school outcomes influence house prices: the parents, the peers, or the school inputs? We study the extent that house values are affected by each of the...