When it comes to purchasing a new home, school districts play a significant factor in the final decision. In light of this, a new study revealed that home prices escalated significantly in highly favored school zones. Per Redfin Blog:
Everyone assumes that better school districts tend to have bigger homes, higher quality homes, larger lots, or a more prime location (views, quiet streets, etc). We’ve debunked that assumption. When accounting for size, on average, people pay $50 more per square foot for homes in top-ranked school zones compared with homes served by average-ranked schools. This means that the price differences for similar homes located near each other but served by different schools can range from tens to hundreds of thousands of dollars.