$200,000: The Cost of Living Near Good Schools
✉️ Want to forward this article? Click here.
A recently released report from the Brookings Institution reveals just how much more people have to pay to live near high-quality schools.
Oyster-Adams Bilingual Elementary School
Housing Costs, Zoning, and Access to High-Scoring Schools analyzed the country’s 100 largest metropolitan areas. It concluded that on average, housing costs are 2.4 times as much (or $11,000 more per year) near a high-scoring public school as opposed to a low-scoring public school.
From the report:
This housing cost gap reflects that home values are $205,000 higher on average in the neighborhoods of high-scoring versus low-scoring schools. Near high-scoring schools, typical homes have 1.5 additional rooms and the share of housing units that are rented is roughly 30 percentage points lower than in neighborhoods near low-scoring schools.
The answer to reducing the housing cost disparity is zoning. The report found that metro areas with less restrictive zoning “have housing cost gaps that are 40 to 63 percentage points lower than metro areas with the most exclusionary zoning…eliminating exclusionary zoning in a metro area would, by reducing its housing cost gap, lower its school test-score gap by an estimated 4 to 7 percentiles.”
More from the report:
As the nation grapples with the growing gap between rich and poor and an economy increasingly reliant on formal education, public policies should address housing market regulations that prohibit all but the very affluent from enrolling their children in high-scoring public schools in order to promote individual social mobility and broader economic security.
See other articles related to: brookings institution, housing prices, schools
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/200000_the_cost_of_living_near_good_schools/5446.
Most Popular... This Week • Last 30 Days • Ever
The new development, designed by KGD Architecture, would take the place of a two-stor... read »
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
Forest Hills Connection is reporting that the owner of the Days Inn along Connecticut... read »
This week’s Best New Listings includes a bi-level condo north of Adams Morgan's mai... read »
On Monday, the listing price for the 30,000 square foot home that was originally buil... read »
- Jair Lynch Pitches 110-Unit Affordable Development Along Columbia Pike
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- A Plan For More Development In Van Ness?
- Best New Listings: Windows Galore on Biltmore; One Up, One Down on Swann
- The Price For Dan Snyder's Former Potomac Home Drops By $5 Million
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro