RealtyTrac analyzed school test scores for nearly 27,000 elementary schools in more than 7,200 U.S. zip codes, along with home price affordability in those same zip codes. Out of 1,823 zip codes with at least one good school,(65%) were unaffordable for average wage earners--meaning average wage earners would need to spend more than one-third of their income to buy a median-priced home.
And that data is truly meaningful for the one-in-five households these days whose composition includes children up to the age of 18. It's not so critical for the other 80% of households.
Still, attainable home pricing in markets with better school districts is a big factor in the consideration of would-be buyers. RealtyTrac's analysis includes the "least affordable" good-school zips by state, and the the most affordable of same.
“Neighborhoods with the ideal combination of good schools and relatively affordable home prices are very competitive for buyers,” said Lydia Creasey, associate broker with RE/MAX Alliance, covering the Denver market. “At the very least, buyers in these markets need to be pro-active and act quickly as soon as a new home hits the market, and in some cases buyers in these neighborhoods have either had to settle for a less-updated or smaller home or increase their price range.”