Real estate prices are affected by many different things. Generally, the location of a property will be the biggest factor in how much it costs. Properties that are located in urban centers, close to nightlife or in areas with good schools generally cost more than other properties. How do schools impact real estate prices?
Good Schools Are Found Most Often In Affluent Neighborhoods
Schools are only as good as the resources afforded to them. Therefore, it stands to reason that a school in an affluent neighborhood will receive more money from parents who want to see their kids get the best. When parents have more money to spend on homes, those homes will cost more. Ergo, a house in a neighborhood with good schools will cost more because there is more money to spend.
Good Schools Promote Safe Neighborhoods
No parent wants to send their kids to a school in a bad neighborhood. They want their kids to be able to walk to school or take the bus to school without worrying them getting hurt. In some cases, extra police, firefighters and other safety personnel are stationed in places where schools exist.
Schools Are Havens For Open Spaces
Many schools will have parks nearby or large fields available to play sports such as football and tennis. When school is not in session, residents may be able to use the fields for their own use. Having the ability to play tennis or have a picnic without having to pay for access to those grounds will increase the value of a home in the area.
Jobs Are Plentiful In Areas Where Schools Are Built
If there are schools in the area near your home, there is a good chance that you can find a job. The schools themselves will need cafeteria staff, janitors and teachers to work with the kids during the day. Additionally, gas stations, convenience stores and other retailers may spring up around the schools to provide convenience for parents or students who need gas or go shopping after the school day is over.
Young Families May Seek Out Less Expensive Housing
There is one important factor that can drag housing prices down somewhat when it is near a school. That factor has to do with young families who may not have as much money to spend on a house as someone who is older and makes more money per year. Therefore, homeowners living near schools looking to get top dollar for their homes may need to be patient until the right buyer emerges.
The price of housing can be impacted greatly if a school is located nearby. This is because schools tend to attract younger people with families who are looking for work, safe neighborhoods for their children as well as the best educational experience that their children can get. This means that you may pay more for a property than you otherwise would with everything else being equal.
