Homes in Highly Rated School Zones Command Higher Prices Nationally but Vary by Metro Area
According to Redfin's latest report, homes located in highly rated school zones across the U.S. cost an average of $580,000—35% more than the typical home price of $430,000. This premium varies significantly by metro area due to factors like availability and affordability within those regions. In cities such as Little Rock, Anaheim, and Chicago, homes in top school zones are relatively affordable compared to other areas because highly rated schools are more common or located in less expensive neighborhoods. Conversely, in places like Philadelphia, Fort Worth, and Detroit, the scarcity of high-quality schools often pushes up prices due to their concentration in pricier suburbs. The report also highlights affordability challenges: a median-earning household would need to spend over half its income on housing if buying near top-rated schools—compared with 40.4% for typical homes—and only about one out of eight listings in these zones is affordable under standard guidelines.
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Topics: affordability home prices school zones