It is a well-documented and settled fact that the property values of a given area are directly tied to the quality and performance of the local school district, and that buyers list the school district as the number one priority after bedrooms when looking for a house. Something to chew on...
In Ohio, the average teacher salary, from fresh graduates with no experience and only a BA, to those with 30 years experience and a master’s or doctorate, grew 4.9 percent over the five years ending 2007. The average home value in Ohio grew 21 percent over the same period, or $20,000. 14,000 homes sold in 2007, or $280 million in wealth created over those five years. In the same period, 108,000 teachers saw their total wages go up $2,500. That’s $270 million. Sounds pretty damn fair to me. In fact, maybe we owe the teachers another $10 million.
(Source for real estate values: Zillow.com. Source for teacher salaries: American Federation of Teachers- AFL CIO Teacher Salary Trends, 2007.)
Paul Hugenberg III