Great schools are often a top criteria guiding many home buyers’ house hunt. But can they find a top-ranked school and still live in an affordable housing market? Yes, according to a recent study by real estate data firm RealtyTrac.
RealtyTrac found 489 ZIP codes of 7,500 that had elementary schools where the 2013 test scores were at least one-third higher than the state’s average that were also located where the average price of a residential property was one-third or less of that locale’s median household income.
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In its analysis, RealtyTrac evaluated the test scores of nearly 25,000 elementary schools in more than 7,500 ZIP codes. It weighed the test scores against home price affordability in those ZIP codes in order to identify the top areas with both great schools and affordable home prices.
The 10 most affordable markets boasting top-ranked schools are:
1. Trenton Elementary School, Trenton, Ill.
Average home price (November 2013 to October 2014): $97,480
2. Oakridge Elementary School, Oklahoma City, Okla.
Average home price: $61,246
3. Lakeview Fundamental Elementary, St. Petersburg, Fla.
Average home price: $56,163
4. Homestead Elementary School, Aurora, Ill.
Average home price: $172,723
5. Pinehurst Elementary School, Lake View, N.Y.
Average home price: $153,143
6. Pine Brook Elementary, Rochester, N.Y.
Average home price: $89,326
7. Briarwood School, Rochester, N.Y.
Average home price: $114,562
8. Monica B. Leary Elementary: Rush, N.Y.
Average home price: $161,252
9. Deerfield Elementary, Utica, N.Y.
Average home price: $79,197
10. North Pointe Elementary, Hebron, Ky.
Average home price: $190,429
View the full list of most and least affordable markets with good schools at RealtyTrac, as well as more on the methodology used in the rankings.
Source: “20 Most Affordable Markets with Good Schools,” RealtyTrac (Nov. 18, 2014)