Education can be expensive, and we’re not just talking about supplies or tuition. The cost of living near well-rated schools is staggering in some parts of the country, which can make deciding where to lay down roots very difficult for new parents looking to buy.
That’s why we set out to learn a little more about the real estate markets near great educational opportunities across the U.S. We found out how much more residents can expect to spend when purchasing a home near the top-rated schools in every state. Keep reading to see what educational home value premiums look like in your home state!
To begin our study on the cost of living near great educational opportunities, we found the top-rated school district in every state and compared the home values within the same zip code to the average home value in the state. Let’s take a look at the parts of the country where prospective homebuyers would be paying the most to live near great schools.
In Texas, residents face the steepest premium, with an eye-watering 486% increase to dwell in the coveted Eanes Independent School District in Austin. While the average Texan home fetches around $293,824, those within Eanes Independent School District command a hefty $1,721,835 price tag. Heading north to Missouri, Ladue School District in St. Louis demands a 346% leap from the state average of $234,834 to a staggering $1,047,091.
In Connecticut, the Westport School District boasts an impressive 332% increase in home values. From a state average of $377,247, residents aiming for top-notch education can expect to shell out around $1,630,823. California follows closely, with a 308% premium to secure a spot in Palo Alto Unified School District. While California's overall average sits at $743,435, Palo Alto's educational prestige comes at a price - a whopping $3,030,407.
Rounding out the top five is Ohio where residents face a 198% uptick in home prices to access the esteemed Indian Hill Exempted Village School District in Cincinnati. With an average Ohioan home valued at $213,149, prospective buyers must fork out $635,473 for a slice of academic excellence.
Young families don’t have to worry about the increased price tag everywhere, though. In places like Maine and New Mexico, the home values near their best school districts are actually lower than the state’s average. In Maine, homebuyers would pay 44% less, and in New Mexico, they’d pay 46% less.
The Cost of Buying a Home Near Every State’s Best Elementary School
Now, let's narrow our focus to the realm of elementary education and uncover the premiums associated with residing near the nation's top elementary schools. From the Northeast to the Midwest, the landscape of educational real estate reveals some surprising insights.
Much like school districts, residents in Connecticut face a staggering 359% increase in home values to secure a spot near the state's premier elementary school in New Canaan. While the state average hovers around $377,247, those aiming for top-tier education must prepare to pay closer to $1,352,580.
In Massachusetts, homebuyers encounter the second-highest premium nationwide. With an average state home valued at $585,959, the cost skyrockets to $2,033,172 (the highest in the study) for those looking to live near its top-rated elementary school in Weston — a hefty 247% increase.
Another example lies in Tennessee, where the average home is valued around $305,570, but those in Brentwood near the state’s top elementary school are $1,054,248. That’s a jump in value of 245%.
States that stand out in the other direction, where home values are lower near the area’s top elementary schools, include North Carolina and Oklahoma. In both states, home values are 58% and 36% lower near their best elementary schools, respectively.
The Cost of Buying a Home Near Every State’s Best High School
The final piece of the study shifts our focus from elementary schools to high schools to demonstrate where the parents of teens can expect to pay the most for living near great schools.
In Kansas, residents face a considerable 182% increase in home prices to secure a spot near the state’s top-rated high school in Overland Park. With the average Kansan home valued at $213,149, prospective buyers must be prepared to shell out $635,473 for a slice of academic excellence.
In Delaware, the pursuit of educational excellence comes at a price. With the average home valued at $371,811, those near the top-rated high school in Wilmington would need to spend closer to $957,321, or 157% more than the average home.
Turning our gaze much further west, homebuyers in Washington encounter a similar trend. Here, the average home value of $562,290 pales in comparison with the $740,202 price tag near the state’s best high school in Redmond. That’s a substantial 182% increase from the state average.
There are two states where it would cost residents more than 50% less to buy a home near their best high schools. In Maine, homes near its top-rated high school are 72% less expensive than the state average, and in Mississippi, they’re 54% less. Access to some great schools won’t always cost an arm and a leg.
Interested in the specifics about the cost of buying a home near great educational opportunities in your state? Interact with the table below to find out how much more (or less) you’d have to pay when purchasing near your state’s top-rated school district, elementary school, and high school.
At the intersection of education and real estate, one thing becomes clear: the cost of living near quality schooling can come with some significant financial considerations for new parents who are trying to find the right place to settle down.
We understand the importance of providing a safe and nurturing environment for your child’s development, both inside and outside of the classroom. From strollers to car seats to travel systems, Chicco remains committed to providing peace of mind for new families on the move, especially as they navigate the intricate landscape of homebuying decisions.
To determine the cost of buying a home in America's best school districts, we found the top-rated school districts, elementary schools, and high schools in every U.S. state, according to Niche.
We then found the average home values in the zip codes those districts and schools resided in and compared them to the statewide average home value. All home value data is based on the most recent home value estimates from Zillow.
The percent increase or decrease in home value is the change from the state’s average to the zip code average. For school districts without residential data, the nearest zip code was used in its place.