Real Estate: Does Proximity to Good High Schools Drive Up Prices?

A study conducted by Wüest Partner France examines the impact of elementary, middle, and high schools on real estate prices in France. 
 

The results show a significant correlation between proximity to high schools and housing prices, particularly in major metropolitan areas. For example, in Nice and Lyon, transaction prices are 10% higher in the areas surrounding high schools. In Paris, although the high density of high schools limits price variations, transaction prices are still 2% higher near these schools.
 

However, the impact of high school graduation rates on real estate prices is not consistent. In certain cities, such as Nantes, Paris, Nice, Rennes, and Toulouse, there is no correlation between high school graduation rates and transaction prices, because highly regarded high schools often receive requests for exemptions from school district boundaries.
 

The proximity of middle schools, on the other hand, does not have a significant impact on real estate prices in large cities. This effect is more pronounced for houses than for apartments, with an average increase of 2 percent.
 

In medium-sized cities, the study reveals a 35% increase in prices per square meter near high schools, particularly if those schools have a good reputation. Furthermore, a value-added indicator (VAI) based on high school performance shows that prices are 24% higher around high schools with a high VAI score.
 

As for middle schools, in medium-sized cities, their proximity leads to a 25% increase in real estate prices, with variations due to the density of middle schools in large cities. Low-density cities also see a 38% increase in prices when homes are located near middle and high schools. This trend has been steadily increasing over the years, particularly in rural areas.
In summary, proximity to schools—particularly prestigious high schools—has a significant impact on real estate prices in France, especially in medium-sized cities and low-density areas. However, other factors such as school performance, housing supply, and buyer preferences also contribute to this correlation.