You would do anything to give your children the best opportunity in life, right? That’s especially true when it comes to their education. According to real estate agents, many homebuyers are willing to spend extra money or downsize to live in a town with a top ranked school district.
“Home buyers will sacrifice size of home, etc. to get into a better school district,” top-rated Bergen County real estate agent, Jeana Cowie, told OMJ. “Many towns in Bergen County, like Ridgewood, where the schools are very good have an entry level that is more like $500,000. Where a town with a lower rated school might offer the same home for $400,000.
And the data shows that this mentality is driving demand and consequently home prices in these areas. Home values in the top 10 school districts in the state as ranked by the Pittsburgh-based company Niche range from half a million to nearly $1 million, according to the U.S. Census data.
Ridgewood Public School District was ranked as the 7th best in the state and has median home prices of $695,000, over $300,000 more than the statewide average of $319,900. Pascack Valley Regional High School District, who takes students from Hillsdale, Montvale, River Vale and Woodcliff Lake was ranked the 8th best in the state with a median home price of $594,100.
“The other option is to buy something affordable that is bigger, and send your child to private school.,” added Cowie. “But, traditionally, people will downsize for better schools.”
For more on the best ranking schools in New Jersey head over to NJ.com.