RealtyTrac: 65% Of Good School Districts ‘Unaffordable’ For Average Wage Earner

Posted by Patrick Barnard on November 20, 2015 No Comments
Categories : Residential Mortgage

Want your kids in better public schools? Then be prepared to pony up for much higher home prices.

A report from RealtyTrac shows that out of 1,823 ZIP codes with at least one good school, 1,192, or 65%, were unaffordable for the average wage earner in that area.

By unaffordable, RealtyTrac means an average wage earner would need to spend more than one-third of his income to buy a median-priced home.

The report factors in test scores for nearly 27,000 elementary schools in more than 7,200 ZIP codes, along with home price affordability in those same areas, to arrive at its ranking.

Metro areas with the most unaffordable ZIP codes with good schools include Los Angeles; New York; San Francisco; Chicago; San Diego; Riverside-San Bernardino, Calif.; Seattle; Miami; Denver; Sacramento, Calif.; and San Jose, Calif.

Metro areas with the most affordable ZIP codes with good schools were Chicago; Detroit; Phoenix; Miami; Charlotte, S.C.; St. Louis; Tampa, Fla.; Milwaukee; and Rochester, N.Y.

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