Education Drives Real Estate Decisions in New York City

public-education-drives-real-estate-choicesIn a recent article published in the New York Times, New York City parents with elementary school children in cited top public schools as a major motivation for choosing a neighborhood. Developers have made an effort to target parents by building spacious, family-sized apartments, driving up the cost of living in these neighborhoods. Many families forgo larger homes in the suburbs with the expectation that their children will attend the best public schools and avoid the costs of private education.

The trend has led to crowded classes and waiting lists for schools in TriBeCa, on the Upper West Side and in Park Slope, Brooklyn. To combat the problem, the city often requires developers to include public amenities like schools in ambitious projects. For example, Extell Development has incorporated a school into its Riverside Center Development. However, parents are pushing for even more classrooms than are planned.

However, the education board cannot promise that students will be able to attend the school closest to their homes. “When you look at the whole Upper West Side, you see some schools that are at capacity and some that aren’t,” said Jack Zarin-Rosenfeld, a spokesman for the Department of Education. “It’s important that we effectively use the space we already have.”

6 Responses to “Education Drives Real Estate Decisions in New York City”

  1. Bunny says:

    I use this!

  2. lilly b says:

    i will definitely be making use of this

  3. nel says:

    I used to work for the Research group of the Massachusetts Dept. of Education. The most frequently asked question we ever received was about community school test score rankings.

  4. PCB says:

    It isn’t just New York City parents that consider good schools as a major
    factor in selecting their residence. I would guess that across in entire US most middle class families with children use quality of schools as a significant
    factor in choosing the the location of the house they buy.

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