I'm not immediately aware of any studies, but I would be shocked if there wasn't a correlation. Low-income families have a higher probability of raising children in a dysfunctional home who then become a burden on the local school district. Respectable teachers then flee these schools for better opportunities. This part isn't conjecture, as I'm recounting personal testimonies of teachers who have come and gone from my town. Whether this is a widespread issue, or how much of the problem it represents, I cannot confirm.

Many American school districts are funded by property taxes, and access to higher quality schools is valuable. It follows that communities with more desirable schools would also have more desirable housing.