Home Prices Near Good LA Schools
One thing that nearly everyone looking for Los Angeles Homes considers is the quality of schools in the neighborhood. Buying in a highly rated school district will probably cost you more. Exactly how much more will that good school district cost you?
Many buyers do feel it’s worthwhile to pay more to be near a good school. A recent nationwide survey showed that 20% of all buyers would pay up to 10% more for their home to be near a good school in an established Los Angeles community. An additional 10% would pay up to 20% more for their homes.
A different study indicated that buyers in metropolitan areas around the country would pay $50 more per square foot for a home in a highly rated school district. Yet another study showed that homes for sale in Beverly Hills near good schools were priced much higher than homes near average schools.
In the case of Carpenter Elementary School in Studio City, residents are willing to pay for the privilege of living in the district. The school has top test scores and enrichment programs, and the average price of a Studio City home in the district is $1.5 million.
Real estate values have always been influenced by location. In the case of Los Angeles real estate, good schools can increase the value of your home. The benefit is that a good school nearby will also help your home in Los Angeles retain its value, even in a down market.
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