Wednesday, September 8, 2021
School Daze
Posted By Babs De Lay on September 8, 2021, 4:00 AM
It's September, when the smell of a pencil eraser or a new pad of paper makes me sigh about school days gone by. And if you're a commuter, you may sigh as well because school zones are in effect. I recently had a conversation with buyers who really liked a home I showed them but were not pleased about a school located across the street.
Having lived across from an elementary school years ago, I gladly chimed in to say that there were great benefits to living near a school, like knowing when people would be there or not be there during the day and weekends and having a swell playground to throw a ball with my dog or shoot hoops with friends.
Sure, there is traffic noise during certain hours when buses and parents drop off and pick up students. But there are also a lot of eyes on the grounds, which can help with security in the neighborhood.
School locations actually add value to a property. According to two decades of research done by Duke University, housing prices increase when student scores are high. Economists at The New York Times have estimated that a 5% improvement in student test scores in suburban neighborhoods can raise home prices by 2.5%. After studying 100 of the largest metro areas in the United States, the Brookings Institution found that there was an average difference of $205,000 in home prices between areas with high student test scores versus neighborhoods low student test scores.
A study by BiggerPockets.com found that properties near schools rated 4 or 5 stars (based upon factors such as enrollment, a low student-to-teacher ratio and high test scores) were "completely insulated from declining home values during a recession."
That means it would be easier for you to sell your home if the market went south and, conversely, get a great price when the market is strong. I often have parents or parents-to-be who are in the market for a home tell me they don't care so much about the house and its condition, but they definitely want to be in a certain school district or be located by a certain school; they would sacrifice square footage, parking and such to live there.
Is it just me, or have you noticed that the whiter the neighborhood, the higher the property values and the better the schools?
There are a bazillion websites now that rate schools. Ones I recommend are greatschools.org, utahschoolgrades.schools.utah.gov and slcschools.org.
It goes without saying, but I'll say it anyway: Do your research if you're planning to buy or rent near a school, or if you want to be near a specific school itself. Your Realtor should be able to put you in touch with past clients who live near the school or have kids enrolled there who can give you a real take on the sitch.
About The Author
Babs De Lay
A full-time broker/owner of Urban Utah Homes and Estates, Babs De Lay serves on the Salt Lake City Historic Landmark Commission. A writer and golfer, you'll find them working as a staff guardian at the Temple at Burning Man each year.
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