Living near bad schools can decrease a home’s value big time. Indeed, the median home price in ZIP codes with schools that receive a one to three rating (out of possible 10) is only $155,000.
Realtor.com® analyzed home prices and appreciation rates in U.S. ZIP codes to identify possible factors that could drag down prices. Researchers compared the median home price of the ZIP with that facility with the median price for all homes in the same county.
Here are five neighborhood features that had the biggest impact on dragging down nearby home prices:
1. Bad school: -22.2%
2. Strip club: -14.7%
3. High concentration of renters: -13.8%
4. Power plant: -5.3%
5. Shooting range: -3.7 percent
Source: “These Neighborhood Features Are Dragging Down Your Home Value,” realtor.com® (August 2016)