New research from Raj Chetty, Nathaniel Hendren and Lawrence Katz examines the effect of the Moving to Opportunity (MTO) experiment on children’s long-term outcomes. Their estimates imply that moving a child out of public housing to a low-poverty area when young (at age eight on average) using a subsidized voucher like the MTO experimental voucher will increase the child’s total lifetime earnings by about $302,000. This is equivalent to a gain of $99,000 per child moved in present value at age eight, discounting future earnings at a three percent interest rate. The authors find that the additional tax revenue generated from these earnings increases would itself offset the incremental cost of the subsidized voucher relative to providing public housing.