Does Your School District Affect Your Home’s Value?
Home values are determined through a complicated series of calculations roughly based on the cost of actual construction plus value-adds like proximity to shopping and other conveniences. The prices that other nearby homes have sold for in the past are also taken into consideration. Formulas are applied, mysterious algorithms are run.
In short, home valuation is magic and appraisers are all wizards.
Although the workings behind the curtain may be both intimidating and seemingly unpredictable to home buyers and sellers, there is one thing that we can say definitely can affect your home’s value is your school district.
The Numbers Have It
A quick twirl around the web turns up a handful of recent surveys and studies that all say essentially the same thing: better schools means your house might be worth more.