When buying a home, you should definitely include an analysis of the community’s school district.
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How do school districts influence home values?
Conversations about this subject are often of the chicken-or-the-egg variety. Homes in better school districts sell for higher prices than similar homes in less popular school districts. A simple analysis might say that good schools are solely responsible for this added value. At the same time, more affluent homeowners tend to live in more sought-after school districts.
Statistics often show that the more affluent a community is, the higher the test scores will be in that community’s school. Test scores are just one measure of good schools, but they’re a highly quoted measure. There could be a self-reinforcing mechanism here that might over-emphasize the effect of the school itself on home prices. One might imagine that high home prices make a community’s school better.
Conversations about this subject are often of the chicken-or-the-egg variety. Homes in better school districts sell for higher prices than similar homes in less popular school districts. A simple analysis might say that good schools are solely responsible for this added value. At the same time, more affluent homeowners tend to live in more sought-after school districts.
Statistics often show that the more affluent a community is, the higher the test scores will be in that community’s school. Test scores are just one measure of good schools, but they’re a highly quoted measure. There could be a self-reinforcing mechanism here that might over-emphasize the effect of the school itself on home prices. One might imagine that high home prices make a community’s school better.
Homes in better school districts sell for higher prices than homes in less popular school districts.
Ultimately, making a decision on buying a home should definitely include an analysis of the home’s local school district, even for buyers who don’t intend to send their children to those schools. Good schools provide stability for the community, and that’s good for the property values of anyone who lives in that community.
If you have any questions about our local school districts or you’re thinking about buying, selling, or investing in real estate, give us a call or send us an email for a free consultation. We’d be happy to help you.
If you have any questions about our local school districts or you’re thinking about buying, selling, or investing in real estate, give us a call or send us an email for a free consultation. We’d be happy to help you.
