According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.
Florida Bill Could Be A Blow To Housing Prices
In 2016, Governor Scott signed a bill that would allow students to transfer to any school within the student’s respective county, regardless of the the district they live in. The bill becoming law this year could virtually eliminate school zoning and open up schools to students from outside of the school’s district. While this may be great for students in lesser rated schools giving them a chance to attend A or B rated schools, it could be a near-fatal blow to home prices in what once were highly-rated school districts.
The bill was touted as a freedom of choice for parents and students to choose which schools they would be able to enroll in. The backlash of such freedom could come at a price though – housing prices to be exact. Many families concerned with their children attending highly-rated schools purchased homes specifically in the communities those schools reside in. If the district lines no longer determine which resident goes to which school, those neighborhoods in higher rated schools may not be as valuable to the next buyer of that home. This could have an adverse affect on its marketability and therefore, its market price. Of course the the higher the school is rated, the more desirable the neighborhood. Those that can afford to buy homes in highly desirable areas, are willing to pay more for a home based on the school district alone. Now that school district lines could become a thing of the past, parents are concerned that the homes they’ve recently purchased or are thinking about purchasing in those areas are going to see a drop it value.
According to an article in the Orlando Sentinel, Orange County Public Schools are only allowing enrollment from students outside their home district in about 15% of its 188 schools. While the County’s officials are holding off on completely rolling out the new legislation, parents are worried it may come to the rest of the county soon. Are the days of boasting a home’s assigned school a thing of the past? How will home prices be changed? These are the topics of discussion in and around Orlando these days.
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