Sellers should pay attention to the quality of schools in their community.
How can the health of your school district impact the value of your home? After researching how schools are measured, I found that important factors include the student-to-teacher ratio, the number of counselors per student, the percentage of long-term teachers, the revenue the school district receives, and the percentage of revenue that comes from the local community. All of these factors contribute to a school district’s rating, which affects the value of homes in the area.
Let’s take a look at three local school districts and their average home values. The highest-ranked district has an average home value of $375,000 and scores a ten on testing, a nine on college readiness, and an eight on equity. The next district has an average home value of $319,000 and scores a nine on testing, an eight on college readiness, and a three on equity. Finally, the lowest-ranked district has an average home value of $275,000 and scores a six on testing, a four on college readiness, and a four on equity.
“A school district’s rating affects the value of homes in the area.”
As you can see, higher test scores and college readiness ratings correlate with higher home values. Additionally, higher home values lead to higher property taxes and more revenue for the school district. This allows for better decision-making by the district’s board, principals, and superintendent.
Even if you don’t currently have children in the school district, its health can still affect the value of your home. It’s essential to stay informed about your local school board’s decisions, as your ability to influence them can have a significant impact on your property’s value.
If you need help finding out the value of your home or need assistance with your buying or selling goals, call or email me. We’re always happy to help.