This article revisits the debate about school reform and homeownership-based strategies for neighborhood revitalization. It is based on an analysis of school districts in New York State using data from the American Community Survey (ACS) and the New York State Education Department (NYSED). Findings indicate that the relationship between schools and housing values varies across urban, suburban, and rural school districts. It is recommended that education reformers and urban planners advocate for states and the federal government to assume a more central role in the promotion of educational equity and the subsequent stabilization of neighborhoods in older core cities.