When it comes to picking out the right neighborhoods, schools and cost are among the most important factors, usually considered in tandem. However, a recent report from RealtyTrac showed that while in much of the U.S. higher cost correlates to better schools, at least in some areas that isn’t always the case.
Drawing data from thousands of schools over nearly 7,200 ZIP codes nationwide, RealtyTrac determined that 1,823 ZIP codes had at least one “good” school, meaning it tested above the state averages. Among those ZIP codes, 65 percent had housing markets that were unaffordable to average wage earners, or required more than one-third of their monthly income to purchase a median priced home.
That leaves 35 percent of schools in affordable ZIP codes.
Miami was among the cities with the most affordable ZIP codes with at least one good school – joining Chicago, Detroit, Phoenix and Charlotte, N.C. The city was a particularly interesting study, as a comparison of the top 10 schools in both affordable and unaffordable ZIPs revealed that the difference in average school scores was only a few hundredths of a point (it should be noted that a 1.0 rating represents the state’s average). The 1.499 to 1.521 margin in average school scores was only amplified by the extreme difference in cost of living.
Combining the unaffordable ZIP codes, the percentage of average wages necessary to buy a median-priced home in the area was 60 percent, compared to less than 25 percent in affordable ZIPs.
To see the top 10 schools in each ranking category, see our table below:
| School | ZIP | Score | Median Home Sale Price | % of Avg. Wages Needed to Buy |
|---|---|---|---|---|
| Doral Academy of Technology | 33172 | 1.673 | $149,000 | 21.4% |
| Ben Gamla Charter School | 33020 | 1.598 | $149,995 | 22.9% |
| Morikami Park Elementary School | 33484 | 1.561 | $105,000 | 14.9% |
| Archimedean Academy | 33183 | 1.496 | $170,000 | 24.4% |
| Pinecrest Academy North Campus | 33174 | 1.495 | $200,000 | 28.7% |
| Waters Edge Elementary School | 33428 | 1.488 | $216,000 | 30.7% |
| Calusa Elementary School | 33186 | 1.431 | $230,000 | 33% |
| Leewood Elementary School | 33176 | 1.422 | $210,000 | 30.1% |
| N. Dade Center for Modern Language | 33054 | 1.415 | $92,000 | 13.2% |
| City of Pembroke Pines Charter | 33025 | 1.415 | $165,950 | 25.3% |
| School | ZIP | School Score | Median Home Sale Price | % of Avg. Wages Needed to Buy |
| Somerset Gracer Academy | 33134 | 1.584 | $400,000 | 57.4% |
| Binks Forest Elementary School | 33414 | 1.568 | $305,000 | 43.3% |
| Imagine Charter School Weston | 33327 | 1.554 | $435,000 | 66.4% |
| Ada Merritt K-8 Center | 33130 | 1.551 | $354,100 | 50.8% |
| Sunset Elementary School | 33143 | 1.540 | $335,000 | 48% |
| Aventura City of Excellence School | 33180 | 1.512 | $334,500 | 48% |
| Henry S. West Laboratory School | 33146 | 1.502 | $690,000 | 98.9% |
| Pinecrest Elementary School | 33156 | 1.478 | $645,000 | 92.5% |
| Bayview Elementary School | 33304 | 1.465 | $335,000 | 51.2% |
| Marsh Pointe Elementary | 33418 | 1.451 | $307,000 | 43.6% |