Today, there is no such thing as an affordable private school. With each passing year, education is becoming more and more expensive as tuition fee in private schools sky-rockets with each passing year.
A New York Times report shows that many schools in the city are reaching the $40,000 mark. This increase is primarily to bridge the wide gap the actual tuition fee received and the operating cost. It is estimated that tuition fees cover only 70 percent of operating costs, the article points out.
As a result, many parents are scouting for good public schools to avoid the hike in tuition fees. This has led to an increased demand for properties in public school boundaries, where parents are ready to pay more for housing.
“Because private schools are so stupidly expensive, people are willing to pay more for a home in a good public school district so that they can get an equivalent education for their children at zero percent of the cost," Chris Kolmar wrote in the Movoto Blog.
According to the blog, a family could afford $1,000,000 more in property value if they do not send their child to a top-notch private school, where the average tuition fee would be $33,708 per year.
Education vs home ownership
But many parents are willing to go to great lengths to ensure top-notch education for their children – even paying more or selling their homes.
Kelly Utt-Grubb told the Great Schools website that when she started looking for schools, she realized the search for the right school trumped all else, including homeownership. She and her husband even sold their home so that her children could go to and grow up near a good school.
“We carefully researched Cary and the educational environment that goes along with living near the Research Triangle Park area of Raleigh-Durham,” Utt-Grubb told the Great Schools. “We also chose the specific elementary school my kids go to (Carpenter Elementary in Cary) and even moved into a rental house that is right behind the school.”
Also, homes located in high-performing school neighborhoods demand more than surrounding locations. Great Schools points out that in Piedmont, California, which is known for its top-rated schools, a house is priced at least $100K more than an Oakland home of the same size and quality located directly across the street.
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