Do School Shootings Erode Property Values

This paper exploits the exogenous timing of mass shootings in schools to estimate the causal effects of school shootings on housing values and sheds light on the underlying mechanism. Using a difference-in-differences strategy, we find that house prices within a school district decline by seven percent after a school shooting, with stronger effects among houses with more bedrooms (proxy for school-age children in household). We also find evidence of a decrease in school enrollment and the number of teachers after the shooting. This suggests that decreased demand for schools within the affected school districts explains the drop in property prices

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