It’s one thing to find a community in which the homes are affordable. It’s another to find one where the public schools rank highly, too.
But Realtor.com has done just this. The site on July 27 released its ranking of the 10 most affordable housing markets with top-ranked elementary schools. Cities in the Midwest states of Illinois, Minnesota and Michigan made the list.
Lists like this matter for commercial real estate pros. People want to live in affordable communities that also boast strong schools. And where there are people, there is the need for retailers, office buildings and multifamily residences.
Realtor.com analyzed zip codes within the top metropolitan areas of the country that contained at least one public school or public charter school ranked eight out of 10 or higher by ranking service GreatSchools.
Aurora, Illinois, topped the list, having the most affordable homes as well as a highly ranked public elementary school.
Other Midwest cities on the list were Rosemount, Minnesota, and Huntingwoods, Michigan.
“When searching for a new home, finding something affordable in a good school district with family-friendly features, such as large backyards, tops the list of homebuyer priorities,” said Javier Vivas, manager of economic research for Realtor.com. “These markets offer strong public schools and affordable homes, making them a great fit for homebuyers with elementary school-age children.”
The monthly cost of owning a median-priced home in these top elementary markets is on average only 23 percent of the median household income in the ZIP, which is on average 41 percent less costly than its surrounding metro area. In addition to offering affordable prices, these markets are home to strong incomes, too, with an average household income of $106,525 compared to the national median of $57,462.