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Midland Park

The Impact of Education on Home Prices

04/01/2013 08:14PM ● By Anonymous

Midland Park home values have declined by 19.2% over the past five years, losing 9.4% value in the last year alone, according to a recent interactive map of average home sales on njspotlight.com. Is this just part of the overall housing market in the region or is there more to the picture? Midland Park Press set out to find out.

Last year, a study reported in RealtorMag found that homes in a high-performing school district are valued at more than $200,000 than those in lower-performing districts. In addition to schools, home values are impacted by crime rates, proximity to shopping, restaurants, and recreation, access to public transportation, and well-maintained infrastructure.

Midland Park Press looked into four factors that contribute to home prices — crime rates, school rating, education levels of residents and average household incomes — and compared Midland Park to more than a dozen communities in our area.

Our methodology was inspired by Ken Corisini’s report “Do Schools Really Affect Property Values?” We compared median home sale prices from the past five years, using data from Zillow.com with school rating scores from schooldigger.com, which uses a 5-star system that combines factors from the districts' state report cards.

We then took it a few steps further to include crime rates per 1,000 residents, per the 2011 figures from the Uniformed Crime Report and used the 2010 Census figures to provide median household income levels as well as percentages of residents with a Bachelor's degree or graduate degrees and beyond.

What we found was not surprising: Towns with 5-star schools have homes selling in the $600,000 to $700,000 range, while towns with lower school ratings are selling in the $300,000 to $400,000 range.

Higher-rated school districts also tend to have a greater percentage of residents with bachelor's and graduate degrees or greater. For example, in Ho-Ho-Kus, a 5-star district, 69.9% of residents have a bachelor's degree or above. In Hawthorne, a 2-star district, 33.9% of residents have a bachelor's degree or above.

Education levels also corresponded with median household incomes and home sale prices. In Midland Park, 45.8% of residents have at least a bachelor's degree, the median household income is $81,000 and the average home sale price is $357,500. In Ho-Ho-Kus, where almost 70% of residents have at least a bachelor's degree, the median household income is double that of Midland Park at $162,000 a year, and Ho-Ho-Kus home sale prices are more than double Midland Park's at $783,500.

Here's an in-depth look at the numbers from Midland Park and several other nearby communities, in order of lowest to highest home sale price:

Hawthorne

  • Average home sale price: $317,600
  • School Digger scores: Elementary, 3 stars; Middle, 2 stars; High School, 2 stars.
  • Education level: Bachelor’s, 24.2%; Graduate, 9.7%.
  • Median household income: $78,478
  • Crime rate: 15.9

North Haledon

  • Average home sale price: $327,000
  • School Digger scores: Elementary, 2 stars; Middle, 3 stars; Manchester Regional High School, 1 star.
  • Education level: Bachelor’s, 27.8%; Graduate, 15.0%.
  • Median household income: $99,007
  • Crime rate: 8.1   

Haledon

  • Average home sale price: $334,900
  • School Digger Scores: Elementary, 2 stars; Middle, 3 stars; Manchester Regional High School, 1 star.
  • Education level: Bachelor's,19.1%; Graduate, 6.0%
  • Median household income: $62,939
  • Crime rate 31.4

Midland Park 

  • Average home sale price: $357,500
  • School scores: Elementary, 4 stars; Junior-Senior High: 2 stars.
  • Education level: Bachelor's, 31.4%; Graduate, 14.4%
  • Median household income: $81,294
  • Crime rate: 7.7­­

Mahwah

  • Average home sale price: $360,700
  • School Digger scores: Elementary, not available; Middle, 5 stars; High School, 4 stars.
  • Education level: Bachelor's, 32.1%; Graduate, 19.0%.
  • Median household income: $93,936
  • Crime rate: 4.2

Waldwick

  • Average home sale price: $381,500
  • School Digger scores: Elementary, 3 and 5 stars; Middle, 4 stars, High School, 3 stars
  • Education level: Bachelor's: 28.1%; Graduate 15.2%
  • Median household income: $100,510
  • Crime rate: 8.5

Oakland

  • Average home sale price: $408,100
  • School Digger scores: Elementary, 5 stars; Middle, 4 stars; Ramapo-Indian Hills High Schools, 4 stars.
  • Education Level: Bachelor's, 31.9%; Graduate, 19.1%
  • Median household income: $115,797
  • Crime Rate: 7.3 

Ramsey

  • Average home sale price: $419,000
  • School Digger scores: Elementary, not available; Middle, 5 stars; High School, 4 stars.
  • Education level: Bachelor's, 37.0%; Graduate, 22.2%.
  • Median household income: $119,241
  • Crime Rate: 12.1

Paramus

  • Average home sale price: $480,800
  • School Digger scores: Elementary, 4 stars; Middle 3 & 4 stars; High School, 4 stars.
  • Education level: Bachelor's, 29.2%; Graduate, 17.5%.
  • Median household income: $104,105
  • Crime rate: 65.8

Hillsdale

  • Average home sale price: $505,900
  • School Digger scores: Elementary, 4 stars; Middle, 4 stars; High School, 4 stars.
  • Education level: Bachelor's, 32.8%; Graduate, 18.5%.      
  • Median household income: $120,919
  • Crime rate: 5.0

Franklin Lakes

  • Average home sale price: $539,000
  • School Digger scores: Elementary, 3 & 5 stars; Middle, 4 stars; Ramapo-Indian Hills High Schools, 4 stars.
  • Education level: Bachelor's, 38.9%; Graduate, 27.2%.
  • Median household income: $157,278
  • Crime rate: 8.2

Ridgewood

  • Average home sale price: $623,400
  • School Digger scores: Elementary, 5 stars; Middle, 5 stars; High School, 4 stars.
  • Education level: Bachelor’s, 40.4%; Graduate, 34.1%
  • Median household income: $154,348
  • Crime rate: 7.7

Wyckoff

  • Average home sale price: $641,200
  • School Digger Scores: Elementary, 4 & 5 stars; Middle, 4 stars; Ramapo-Indian Hills High Schools, 4 stars.
  • Education level: Bachelor's 40.6%; Graduate 23.4%
  • Median household income: $152,305
  • Crime Rate: 7.7

Glen Rock

  • Average home sale price: $699,900
  • School Digger scores: Elementary, 5 stars; Middle, 5 stars; High School, 4 stars.
  • Education level: Bachelor's, 34.8%; Graduate, 30.1%.     
  • Median household income: $147,230
  • Crime rate: 6.1

Allendale

  • Average home sale price: $765,000
  • School digger scores: Elementary, not available; Middle, 5 stars; Northern Highland Regional High School, 5 stars.
  • Education level: Bachelor's, 38.2%; Graduate, 23.2%.
  • Median household income: $126,804
  • Crime rate: 8.9

Ho-Ho-Kus

  • Average home sale price: $783,500
  • School Digger scores: Elementary-Middle, 5 stars; Northern Highland Regional High School, 5 stars.
  • Education level: Bachelor's, 40.5%; Graduate, 29.4%.
  • Median household income: $161,761
  • Crime rate: 6.6

What does this information mean to you? Are there other communities or factors you would like information on? Tell Us in The Comments!

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