How Much More for a Top-ranked vs. Average-ranked School Zone?
Every metro area in this report has higher prices for homes served by top-ranked public elementary schools. Coastal California leads the way in terms of cost, with homes in the highest-ranking school zones running from $300,000 more in Los Angeles to nearly $500,000 more in San Jose. Although the dollar cost differences in Miami and Phoenix were not as great, homes in the top-ranked school zones were still more than twice the price of homes in the average-ranked school zones, going from about $150,000 to $300,000 in median home sale price.
At the other end of the spectrum, Queens, NY, Raleigh, NC, and Eugene, OR offer smaller price differentials when going from an average-ranked school to a top-ranked school. For the chart below, average schools have test scores between the 40th and 60th percentiles in their state, while a top tier school is defined as the 90th percentile and above within its respective state.