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The present study investigated relationships between neighborhood conditions and academic achievement of elementary school students with modeling spatial dependencies of neighborhood attributes through Exploratory Factor Analysis, Confirmatory Factor Analysis, Exploratory Spatial Data Analysis, and a two-level Hierarchical Linear Modeling (HLM) with adding a spatial error term for modeling spatial autocorrelation between neighborhoods. One of the major findings from the current study is that school environments have a close association with the mathematics achievement especially for students living in disadvantaged neighborhoods with more risk factors. School administrators and educational policy makers may consider these findings to provide additional support from neighborhood to students at rick for academic failure.