The Bad News: Homes near good schools will cost an extra $200K

by Maureen McCabe on April 23, 2012

Kilbourne Middle School - Worthington Ohio

Kilbourne Middle School Worthington, Ohio

….bad news?  “Living near good schools will cost an extra $200K” according to a  CNNMoney writer Tami Luhby.  In an April 19, 2012 article, Luhby wrote:

“Home values are $205,000 higher, on average, in neighborhoods with high-scoring public schools versus schools with low scores, according to a new report issued by the Brookings Institution.” 

The Bad News…. It’s not just $200k more that a home near a good school…  that number was rounded down!  The “Home values are $205,000 higher, on average, in neighborhoods with high-scoring public schools versus schools with low scores …”

The Good News for Columbus, Ohio?  The average sale price of a home in central Ohio (Columbus, Ohio and it surrounding counties) was $153,557* according to the Columbus Board of REALTORS “Local Market Update – March” published Thursday.  The average sale price of homes in school districts in Franklin and Delaware County,  Ohio are from the Columbus Board of REALTORS mls.  An”mls”  is a multiple listing service.

Average sale price of a home in various central Ohio schools March  2012:

  • Big Walnut Local School District – $232,002
  • Buckeye Valley Local School District - where the heck is the info on home values in Buckeye Valley Local Schools?  The district is not on the CBR “Local Market Update” published for  March 2012
  • Columbus City School District – $102,198
  • Dublin City School District  - $309,074
  • Gahanna Jefferson City School District  - $206,137
  • Hilliard City School District – $160,763
  • Olentangy  Local School District- $287,507
  • Plain Local School District (New Albany)  – $426,576
  • Upper Arlington City School District  – $276,797
  • Westerville City School District - $155,622
  • Worthington City School District – $185,999

The Grandview Heights Corporation must be exactly the same as the Grandview Heights City School District, the Columbus Board of REALTORS  Housing Market Update  – March 2012 has just corp listed:

  • Grandview Heights – $261,975

The CNNmoney.com article (url below) is based on an  April 19, 2012 report issued by the Brookings Institution: Housing Costs, Zoning, and Access to High-Scoring Schools**   which says:

“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.”

The Brookings.edu .pdf for Columbus OH metro area report on school inequality shows good news if you compare the Columbus OH metro area to other US metro areas, …if you believe equality is good.

* The Columbus Board of REALTORS reports residential sales.  Combining, single family, townhouse and condominium properties.  Personally I prefer sales separated, but no one asked me. I look at single family home sales usually.

The average sale price of $153,557  is for the whole mls  area.   According to the Columbus Board of REALTORS ” All data comes from the Columbus Board of REALTORS® MLS which serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champagne, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion,  Muskingum, Perry and Ross Counties.”   A big part of Ohio.

Average sale price may or may not be the value of the home.

The March 2012 Columbus Area Housing Market Update  – March 2012    (http://www.10kresearch.com/sortable/Columbus-OH/2012-03/main.htm )

No discussion of “good schools” is ever complete without objective information about all schools, the state of Ohio grades all schools.   I hope the schools information is objective. School “grades” are available.

The CNNMoney.com post’s url is  http://economy.money.cnn.com/2012/04/19/living-near-good-schools-will-cost-an-extra-200k/

The school pictured is Kilbourne Middle School in Worthington.

 

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