By: Ted Guarnero
According to a new study mentioned in REALTOR® Mag, home buyers are willing to pay a premium for living within a highly-rated school district. Although not terribly surprising, especially for real estate around Chicago, the study looked at median sales prices for homes within certain school districts and comparable homes in the same area served by other, less-notable school systems.
The results of the study are showing that home buyers across the country are willing to spend an average of $50 more per square foot for a home that’s situated in a high-ranking school district than for a home located outside that school or district’s boundary lines. While some claim many other factors go into a home’s purchase price, home buyers with kids will argue that a school district can often be the most important factor in determining which home may be right for them, ultimately backing up premium pricing for real estate for sale near all the best local schools.
Read more from Ted Guarnero at See Chicago Real Estate.