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.
This article originally published at http://dc.urbanturf.com/articles/blog/200000_the_cost_of_living_near_good_schools/5446
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
A look around DC to see where home sellers are dropping their prices.... read »
The grocer has announced plans for other stores in Skyland and Columbia Heights.... read »
The new five-level residential project is planned for the buildings at 1365-1375 H St... read »
There are two main things happening in the housing market for this upper NW DC neighb... read »
Our guide for amateur landlords who don't really know what they're doing.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The eight-bedroom, 35,000 square-foot home known as The Cliffs hit the market Wednesd... read »
Brookfield Properties is moving forward with development plans for additional sites i... read »
The most detailed rendering yet has been unveiled for the 310-unit redevelopment of t... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro