New Report Explores Correlation Between School Quality and Home Prices
May 30, 2018, WALTHAM, Mass. — This month’s Pro Teck Valuation Services Home Value Forecast explores the impact school reputation has on home prices — particularly whether a homebuyer can expect to pay more for a similar home in an area with a good school system.
“One of the biggest reasons people move, in addition to job opportunities and needing more/less space, is because they want a better education for their children,” said Tom O’Grady, CEO of Pro Teck. “But a better education means a certain type of school, and a certain type of school may end up meaning a pricier home.”
To truly see the impact schools have on home prices, Home Value Forecast took a look at neighborhoods split by school systems to see how much school quality impacts residential home prices and how stable those premiums are over time.
For example, HVF looked at a two similar homes in a neighborhood in Cincinnati. The two homes are only two miles apart from each other, but are in different school districts. One home was valued at $137 per square foot, the other at $217 — a 58% difference. The biggest driver in the price difference, according to the analysis, was the quality of education at each school.
Click here to read the entire forecast, including data and graphs that further highlight market trends discussed in this release.
About Home Value Forecast
Home Value Forecast (HVF) is brought to you by Pro Teck Valuation Services. HVF provides insight into the current and future state of the U.S. housing market and delivers 14 market snapshot graphs from the top 30 CBSAs.
Reporters interested in national, regional or metro level housing data tailored to meet story needs, please email your inquiry to firstname.lastname@example.org.