Aurora is considered the most affordable housing market with a top elementary school, according to a new ranking from Realtor.com.
The website looked at elementary schools in the largest 15 metros that received at least a ranking of 8 out of 10 from GreatSchools. It then looked at the monthly housing costs needed to purchase a median-priced home while also factoring in the median income of residents in the area. It also removed any ZIP codes with high crime and poverty rates and only included one ZIP code per metro.
The ZIP code of 60503 in the southwestern suburb of Chicago made the list for having three elementary schools rank highly: Homestead Elementary School (10 out of 10), Wheatlands Elementary School (8 out of 10) and Wolfs Crossing Elementary School (10 out of 10). Aurora is also home to the top middle school on the list, Bednarcik Junior High School.
“Staying in your home for at least five to 10 years is one way you can ensure you receive a high return on your home investment,” said Javier Vivas, manager of economic research for Realtor.com. “With strong middle and high schools, many of the markets on the list offer families the opportunity to put down roots while building equity in their home.”
The median household income in Aurora is $114,118 with a median list price of $259,900. The suburb is 45 percent more affordable compared to the surrounding metro area and 47 percent more affordable compared to the nation overall.
“When searching for a new home, finding something affordable in a good school district with family-friendly features, such as large backyards, tops the list of home buyer priorities,” said Vivas. “These markets offer strong public schools and affordable homes, making them a great fit for home buyers with elementary school-age children.”