The price of homes in neighborhoods with good school districts in the U.S. is up to $300,000 higher than the average home price in the same state.

According to USA Today on the 15th, the national average home price as of April was $353,748, while the average price of homes in areas with good school districts was $651,662.

The newspaper reported that the top five areas with the best school districts and a premium on home prices are ▲Austin, Texas ▲St. Louis, Missouri ▲Westport, Connecticut ▲Palo Alto, California ▲Cincinnati, Ohio.

To live in the Eanes Independent School District in Austin, Texas, one would have to pay 486% more than the Texas average home price of $293,824. The average home price in the Eanes district is $1,721,835.

In St. Louis, Missouri, homes around the Ladue School District cost $1,047,091, which is 346% more than the state average of $234,834. Homes in Westport, Connecticut, within the Westport school district, cost $1,630,823, 332% higher than the state average of $377,246. In the Palo Alto Unified School District in California, home prices have soared to $3,030,407, which is 308% higher than the state average of $743,435. In Cincinnati, Ohio, homes in the Indian Hill School District are 198% more expensive than the state average of $213,149, at $635,473.

The phenomenon of home prices carrying a premium in good school districts is supported by various studies. According to real estate information company Realtor.com, homes near top-rated public elementary schools, as rated by the nonprofit school evaluation group GreatSchools, are on average 78.6% more expensive than homes in other areas.

Realtor.com economist Jiayi Xu explained, “In many areas of the U.S., the school a child attends is determined by the location of the home. Homes in the best school districts tend to carry a premium due to the added convenience of top-notch schools.” Good school districts are an attractive investment for homebuyers, even those without children, as homes in these districts can be sold at a higher price later.

Korean residents of Southern California also live in areas like Cypress, Cerritos, Fullerton, Anaheim, and Buena Park, where good school districts, transportation, amenities, and safety are all well-balanced. The average home prices in these areas range from $900,000 to nearly $1.1 million.

A Korean father in his 40s with two children commented, “Moving to a good school district doesn’t just mean buying into a good school, but the entire community. However, the steep rise in home prices makes it unfortunate that we can’t move to the area we want.”

Experts suggest that to find affordable homes in good school districts, buyers may need to sacrifice certain home features such as a fireplace, garage, swimming pool, basement, or central air conditioning. Realtor.com stated, “If nearby school districts also have good academic ratings, there’s no need to insist on the top-rated district. Living in the best school districts also means facing rising home insurance premiums and property taxes each year.”

Reporter Park Hong-yong

<Hongyong Park>