Ben Miller Contributing Editor-Puget Sound Business Journal
Parents looking to buy a home in a highly-ranked school area typically find out that homes in those areas aren’t cheap.
Seattle-based online real estate companyRedfin undertook a study to find out about the correlation between highly-ranked schools and local real estate prices and found out in Seattle, a highly-ranked school nearby can add to a home’s value by more than $40,000.
In Seattle’s highly-rated Wedgewood neighborhood, a 1,500-square-foot, three-bedroom, one-bath home has a median price of $440,000. But just a half-mile away, in the lower-rated John Rogers school area, similar-sized homes have a median value of $44,000 less, or $396,000.
"When accounting for size, on average, people pay $50 more per square foot for homes in top-ranked school zones compared with homes served by average-ranked schools … While we expected to see higher prices for homes in highly-ranked school zones, we didn’t expect the difference to be so large," Redfin said in a statement.