While you would probably assume top school districts correlate with higher prices, would you have guessed people are paying an average of $50 per square foot more? A new Redfin study showcasing data from Onboard Informatics, Maponics, and GreatSchools dives into how housing prices are affected by the quality of the local school zones. The study evaluated school districts nationwide based on its test scores and proved that, in school districts with good test scores, homes were more expensive. Although this isn't shocking news, the magnitude of the pricing inequalities across school districts is.
What Redfin found is that, even if the only attribute separating homes of equal sizes and accommodations is one school boundary zone and less than a mile of distance, price differences can still be as drastic as $130,000. Even if a school’s test score percentile is diminished from a 90 to an 80, housing prices in that district can plummet by over $60,000.
With these drastic pricing differences, it seems more vital now than ever to supply your viewers with a listing’s local school profiles, ratings, and accurate attendance zones. At Onboard Informatics we are currently gearing up to release fresh attendance zones in October based on summer 2013 updates - when boundaries change the most often. Pairing this with over 100 types of School Information will give your listings and search experience a full picture of the local education quality.
As for those intimidated by the daunting prices, don’t give up just yet. Redfin located the highest ranking school zones that are still affordable.