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Schools and Home Prices

By Anonymous

Filed Wednesday, January 18 at 10:05 PM

CNN reports it. BBC reports it. It is even confirmed by recent academic studies. Home buyers will pay extra for a house near a schools that has a reputation as a "good" school. More than just a good school district, home buyers want to be near particular schools.

In St. Louis, magnet schools are widely regarded as "good" schools. Up to now, it has not mattered where you lived in the city, it did not affect your chances of getting your children into the magnet school of your choice.

On Tuesday, after systematically moving magnet programs from north side schools to the south side, the school board is going to consider an administration proposal to establish a neighborhood preference for magnet school admissions. What affect will approval of the proposal have on city real estate and development? It will increase the value of houses in south side neighborhoods around magnet schools and decrease the value of houses in stable north side neighborhoods. That sucking sound you hear will be the siphoning of millions of dollars from north side neighborhoods to the south side.

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