In the December issue of DesertLeaf, the free magazine about Catalina Foothills living, is an article about how proximity to a school affects property values in Tucson. Chad A. Hartley, AICP, looked at average dollar per square foot sale price of single family houses sold in 2006 in eleven submarket areas in the greater Tucson area, and compared that to the $/sf sale price of houses within one quarter mile of a school.
The average sale price in the entire metro Tucson area was on average $10/sf less for houses located within a quarter mile of any type of school. The largest impact was in Northeast/Tanque Verde, where houses near schools sold for $20/sf less. The lowest impact was seen in Central/West Tucson, where houses near schools sold for only $1/sf less than the average house in that area.
Hartley suggested that one possible explanation could be that schools tend to be located on busy streets. Prospective buyers may also be concerned about kids hanging around and causing mischief before or after school. The study did not evaluate whether the price effect was greater near high schools.
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