Homes in Areas with Good Schools Cost up to 35% More

Dow Jones
09/02

1017 ET - The typical U.S. home located in a highly rated school zone costs $580,000, Redfin says. That is 35% more than $430,000 for the typical overall home. A household would need to earn $159,157 to afford a home in a highly rated school zone. That's roughly $41,000 more than the $117,995 needed to afford the typical overall home. Both are higher than the median U.S. income of $87,599, but the gap is wider for a buyer looking to purchase a home in a highly rated school zone. A median-earning household buying a home in a highly rated school zone would need to spend 54.5% of their income on housing, compared with 40.4% for the typical home. The premium benefits homeowners selling in highly rated school zones, where homes command higher prices on average.

 

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