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It'll Cost You Hundreds Of Thousands Of Dollars Extra To Buy A Home Near A Good School

Rob WileOct 4, 2013, 20:32 IST

Realty outfit Redfin has quantified the trade-off most parents make: how much more to pay for their home in order to live closer to better schools.

The answer is pretty wince-inducing: living near a school with test scores in the 90th percentile costs about $100,000 more than living near schools with scores in the 70th percentile.

Redfin

Schools have such an overwhelming effect on home prices that even similar-sized houses located near each other but served by different schools see $50-per-square-foot differences:

Redfin

Here's the breakdown for 27 major cities:

Redfin

The group looked at 10,811 elementary school zones in 57 cities while tallying up 407,509 home sales.

(Spotted by the Chicago Tribune's Mary Ellen Podmolik.)