2023.11.01 EDC Packet - Laserfiche WebLink

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How do Schools Affect Property Values? According to two decades of research conducted by Duke University, housing prices increase by $0.52 per square foot for every percentage point increase in school district PSSA scores (of students who score proficient or above). Economists have also estimated that a five percent improvement in test scores in suburban neighborhoods can raise home prices by 2.5 percent, according to The New York Times. Of course, test scores are only one way of designating an area as a “good school district” and there are other factors that should be considered as well, but test scores are a highly quotable measure. For many buyers considering buying a home in an affluent school district, they may be willing to spend more on a home to avoid the monumental cost of a private school, which can be as high as $20,000 or more per year in some areas. Although purchasing a home in a strong school district may mean paying a higher price for that home, it is still sometimes cheaper than investing in the costly expense of private school. Sellers who are aware of this trend may be able to get away with selling their homes above market value because they know many buyers are willing to pay a premium to be in certain school districts. When enough homes sell above market value in an area, the value of all homes in the area rise, thereby impacting home values. Of course, these statistics only apply to those who put their children in public school. Those who plan on putting their children in private schools will most likely place less emphasis on the quality of the school district and will spend more time considering the private school itself. With that being said, those who live close to highly regarded private How do Schools Affect Property Values?01 How do Good Schools and Bad Schools Impact Home Values?02 What’s the Relationship Between Public School Ratings and Property Values? 03 Does a New School Increase my Home Value?04 Is it OK to Buy a Home in a Not so Good School District?05 How do I Find the Median Home Price in a School District?06 How Does a School District Impact my Home Sale?07 Does Living in Walking Distance to a School Increase Home Value? 08 Is it Good or Bad to Live Next to a School?09 How Can I find a Good School District? 10