Location, Location, Location: The Premium Parents Pay for Top Schools
In much of the United States, the public school that a child is allowed to attend is determined by the location of the family’s residence. As a result, the inventory of homes for sale near the best schools is often limited and properties tend to sell at a premium.
A home search may be challenging for parents who prioritize access to good schools, as they might have to consider buying a smaller home or sacrificing desirable amenities that would be affordable elsewhere.
According to research conducted in 2024 by Realtor.com, homes in neighborhoods with a highly regarded public elementary school — rated 9 or 10 on the review platform GreatSchools.org — cost an average of 78.6% more than a typical home in a surrounding county. However, this premium varies greatly from place to place.
Home price premium for access to highly rated schools, by region
Source: Realtor.com